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New Flex Modification Program Will Replace HAMP

New Flex Modification Program Will Replace HAMP

The Home Affordable Modification Program (HAMP) that helps homeowners avoid foreclosure by adjusting interest rates and modifying loans expired at the end of the year. A new Flex Modification program will replace HAMP starting in 2017.

The new Flex Modification program is designed to cut back on monthly mortgage payments when homeowners are experiencing financial hardships and behind on their mortgage. Some homeowners are expected to receive up to a 20% payment reduction on their mortgage. Introduced by Fannie Mae and Freddie Mac, the Flex Modification foreclosure prevention program is supposed to be adaptive to regional differences and the ever-changing housing market.

Fannie Mae and Freddie Mac are government enterprises developed by Congress to help loan servicers convert assets to cash, a concept known as liquidity. To do this, Fannie Mae and Freddie Mac buy mortgages from lenders and loan servicers. The lenders then take the profit from selling the mortgages and relend it to other consumers buying a home or property. The government enterprises help lenders have an affordable supply of monetary funds to distribute in mortgage loans around the United States.

Flex Modification is expected to help lenders, homeowners, taxpayers, Fannie Mae, and Freddie Mac save money by avoiding the expensive and long foreclosure process. If you are having financial difficulties and struggling to pay your mortgage payment in full every month, a loan modification may be able to help you keep your home. Contact a foreclosure defense lawyer at Doucet & Associates Co., L.P.A. at (614)944-5219 for legal assistance securing a loan modification today.

 

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Pets Are Victims of Foreclosure Too

Pets Are Victims of Foreclosure Too

Pets are sometimes lost in the jumble and mess when a family is trying to find a new home during and after foreclosure. A lack of funds to provide for the pet or the high fees required at apartment type facilities when relocating can force a family to get rid of a beloved pet. As much as a pet is the best friend that is always on your side, the necessity and decision to give one up is always a gut wrenching and unpleasant feeling.

Taking loyal, correct actions to give up a family pet is important and wholehearted. Some families may fear taking a pet to a shelter will ultimately end in euthanizing the pets’ life, but most shelters are filled with loving, caring staff and volunteers who take pride in finding pets a new home. Surrendering a pet to an animal shelter is the responsible decision if you cannot find the animal a new home.  You may also want to look for a “no kill” shelter if this is particularly concerning.

Ignoring and leaving a pet behind in a foreclosed home is harmful to their health. Pets need to be taken care of properly and if you ever discover a pet left behind in a foreclosed home there are ways to help.

Your local humane society can also be notified when a pet is left behind during foreclosure. Rescuing and finding a shelter or home for the pet to live in can ensure the pet will receive genuine care. Pet owners can surrender animals in Columbus area to a variety of shelters including the Franklin County Dog Shelter and the CHA Animal Shelter.

 

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