Gainesville Homes Short Sale Update – Freddie Mac LP Relief Program Can Save Your Home

Gainesville Homes Short Sale Update – Freddie Mac LP Relief Program Can Save Your Home

If you are a homeowner in distress with your Freddie Mac loan – you currently have an upside down mortgage or currently have an adjustable rate mortgage that doesn’t seem to lessen the balance –, then Freddie Mac LP Relief Program may be your life saver.

Gainesville homes for sale introduces the new Freddie Mac Relief Refinance Mortgage. It is the Home Affordable Refinance Pr0gram/HARP’s offshoot of its business implementation. It offers aid from simplified appraisal requirements, standard mortgage insurance, and no maximum loan to value ratios.

For borrowers who make on-time payments yet are unable to refinance because of declining property values, the Freddie Mac LP Relief Program may save your day by helping you to refinance into a better mortgage so you will be eligible for long term successful home ownership.

Gainesville homeowners wanting to avoid foreclosure see how this new program and its new extensions may work for you:

Eligibility requirements for the mortgage relief program:

  • You must be a first lien, customarily owned and securitized by Freddie Mac.
  • Your Freddie Mac Settlement must be on or before May 31, 2009.
  • You must be seasoned for a span of three months.
  • The mortgage being refinanced is eligible for refinancing if it has mortgage insurance or mortgage pool insurance.
  • The mortgage being refinanced is ineligible for refinancing if the mortgage has recourse, indemnification or other credit enhancements.
  • Benefit for borrower (must result in one of the given benefits)
  • You will receive a reduction in interest rate.
  • You will receive a replacement of an ARM.
  • You will receive a reduction in the amortization term of the first lien mortgage.
  • You will receive a reduction in the monthly principle and interest payment of the first lien.
  • No maximum LTV ratio for fixed-rate mortgages
  • For ARMs, the maximum LTV ratio is 105 percent.
  • For mortgages with LTV ratios lower than or equal to 80 percent, the maximum TLTV or HTLTV ratio is 105 percent.
  • For mortgages with LTV ratios higher than 80 percent, no maximum TLTV and HTLTV ratios will exist.

Other Articles to Read:

3 Questions You Should Ask Before Hiring a Gainesville Short Sale Agent

What Can a Short Sale Agent do for Me?

Choosing a Qualified Agent

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.


Stephanie Anson

When choosing a Gainesville, FL short sale agent, Stephanie Anson understands how avoiding foreclosure impacts you and your family’s life as well as those around you. Stephanie Anson is a respected member of the local business community and knows what it takes to prevail. She is one of the most dedicated and committed Gainesville, FL short sale agents. Her experience and emphasis on customer service and satisfaction along with her technological background has been a driving force throughout her real estate career. From the time Stephanie served in the US Navy to now, she takes the time to get to know each of her clients, associates, and industry professionals and forms lifelong relationships with them.

Click Here to Leave a Comment Below 0 comments