Eye On Arizona
Arizona Housing, Travel, Golf, Real Estate
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Fed to Crackdown on Loan Modification & Foreclosure Fraud
By: Ann BelfieldOn April 6, 2009, the Federal Government, along with State Partners, issued a press release on cracking down on Foreclosure Rescue Scams and Loan Modification Fraud. Many companies are posing as legitimate organizations, sending out official government like mailers and online ads. These companies often ask for a minimum payment up front to initiate a loan modification. Help is FREE at the government’s sites, you don’t have to PAY.
The U.S Department of Treasury established their Making Home Affordable website as a resource tool to help homeowners refinance or modify their mortgage. This site contains a wealth of information and tools that homeowners can utilize to see if they qualify for a loan modification or a loan refinance, among other valuable resources. The program targets 9 million homeowners who have a loan held by Fannie Mae or Freddie Mac.
The Federal Government issued the following advice regarding loan modifications:
- Only work with HUD-approved nonprofit counselors,
- Do not agree to pay a fee before you are provided with the promised service,
- Beware of people offering “guaranteed” results, and
- Do not sign blank forms or documents that you have not read.
The U.S. Department of Treasury offers a hotline number, 888.995.HOPE (4673), for FREE foreclosure counseling assistance. Also, check out www.FinancialStability.gov for the latest news on President Obama’s Plan, economic data and updates from U.S. Treasury Secretary Timothy Geithner. Another helpful site is: www.hud.gov where you can find extensive guide to avoiding foreclosure.
In Summary, the following links are useful when trying to wind through the myriad of questions and concerns associated with loan modifications, short sales, foreclosures, loan refinancing, and other issues surrounding Obama’s Making Home Affordable Plan and your own housing situation. Here they are in brief:
OPTIONS TO HAVING SHORT SALES: www.financialstability.gov
Are you Eligible? http://www.makinghomeaffordable.gov/
Are you Eligible for a Home Affordable Refinance? http://www.makinghomeaffordable.gov/refinance_eligibility.html
Are you Eligible for a Loan Modifications?
http://www.makinghomeaffordable.gov/modification_eligibility.html
Contact your Mortgage Company: How to find your Mortgage Company’s Information at the Housing and Urban Development’s (HUDs) Hope Now website.
Guide to Avoiding Foreclosure: HUD.gov
According to Attorney General Madigan, authorities are sending a clear message to the scammers and it is not a question of if the government will come after them, but when they will. Do not be swindled by the unscrupulous mortgage rescue scammers, remember help is FREE. Protect yourself and save money by checking out the government links above.
FHA Mortgage Limits in Phoenix, Mesa and Scottsdale
Unfortunately, HUD decreased the FHA Loan Limits that were raised in March of 2008, $346,250, down to near the pre-bailout limits of $263,150, for Maricopa County to $271,050. The Housing and Urban Development’s (HUD) web site allows direct access to current limits in any area by state, county, or Metropolitan Statistical Area (MSA). If you do not reside in Maricopa County and are interested in finding the FHA Limit in your area just visit HUD’s site.
The 2009 FHA mortgage limits for housing in Maricopa County are presented below:
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Single-Family homes: $271,050
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Two-Family Homes: $347,000
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Three-Family Homes: $419,425
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Four-Family Homes: $521,250
Source: FHA Mortgage Limits List.
Why FHA? Many mortgage companies are offering FHA streamline refinancing with no cost options. If you would like more info, please contact me with your request.
