Mell Watt, Director of the Housing Finance Agency, suggested recently that we're coming to an end of HARP and federal loan modification assistance:
"when we look at more recent lending practices, there shouldn't be a need for these kinds of programs."
Yet, in-house modifications seem to be more and more common based on the growing rationale (that housing advocates have known for years): "We find more value from a Fannie Mae, Freddie Mac perspective, and from a lender and borrower perspective, is if we have a borrower paying, keeping that person in the home is best for all the parties," said Robert Koller, Fannie Mae director of credit risk management.
You do have statutory rights in Minnesota when pursuing loan modification.
Attorneys at Drewes Law regularly consult with homeowners seeking relief. If you or someone you know is seeking modification assistance, please contact an attorney at Drewes Law for a free consultation.
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