Mary Ellen Podmolik of the Chicago Tribune reported the following article on April 14, 2015:
"With Chicago and suburban Cook County still one of the markets hardest hit by the housing crisis, Fannie Mae and Freddie Mac are rolling out another loan modification program to try and keep some of those properties out of foreclosure.
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, estimates that as many as 18,000 borrowers who are at least 90 days or more behind on their mortgage payments may be eligible for the MyCity Modification program.
Mortgage servicers have already been directed to reach out to delinquent borrowers in Cook County for the program if they have a mortgage backed by Fannie Mae or Freddie Mac and the current market value of the property is $250,000 or less. A borrower who defaulted on a previous modification through the federal government's Home Affordable Modification Program still can be considered for the program.
The goal of the modifications is to reduce a borrower's monthly mortgage payment by up to 60 percent by cutting the mortgage's interest rate to as little as 2 percent, extending the length of the loan and deferring part of the unpaid principal balance.
The rollout of the program comes as the number of seriously delinquent loans in the Chicago area continues to fall from its year-ago levels but remains higher than the national average. In February, 5.7 percent of homes with a mortgage in the Chicago area were at least 90 days behind on mortgage payments, according to housing research provider CoreLogic. That compares with 4 percent nationally."
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Posted by Bradford Miller Law, P.C.
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