Loaded with practical advice on stopping a threatened foreclosure, this revised edition now details the Obama administration's "Making Home Affordable" program and other new loan modification initiatives. The volume also provides basic steps to obtain a workout, tailored for six different types of mortgages:
• Fannie Mae and Freddie Mac;• Subprime;
• FHA-insured;
• VA and Rural Housing Service.
Special chapters cover the mechanics of arranging a workout and "fourteen steps to foreclosure prevention." The book also includes:
• Homeowner strategies for reducing and prioritizing debt;• Dealing with loan overcharges and servicing errors;
• Legal protections against foreclosure;
• Answering questions about bankruptcy;
• Homeowner options after the foreclosure sale;
• Summaries of each state's foreclosure and real estate tax abatement laws.