http://www.therealestatebloggers.com/2009/03/14/fannie-and-freddie-fail-to-meet-low-income-lending-goals/ Real Estate Blog, Mortgage, and Development News Fri, 20 Nov 2009 23:48:48 -0600 http://wordpress.org/?v=2.8.6 hourly 1 http://www.therealestatebloggers.com/2009/03/14/fannie-and-freddie-fail-to-meet-low-income-lending-goals/comment-page-1/#comment-384650 Steve Thu, 11 Jun 2009 02:18:01 +0000 http://www.therealestatebloggers.com/2009/03/14/fannie-and-freddie-fail-to-meet-low-income-lending-goals/#comment-384650 I agree with your comments. I am now going through foreclosure, I am low-income on social security. I had a fixed rate of 6.375 with GMAC/INVESTOR FREDDIE MAX. I tried working with them on a workout months before we went into default, they would not work with us, even though we had good credit and a modest income. They promised us a deed-in-lieu if we would short-sale, which we did try, we go a offer, I asked them to send me something in writing giving me permission to do a short-sale, the rep told me they could send me nothing in writing, so our realtor was left holding the bag, so our file was closed, and we was refused a deed-in-lieu. GMAC is a nasty company they really treat their customer like crap, and could care less about what happens. They tricked us into moving by promiseing us a deed-in-lieu, same day we got a good offer, we recieved a civil summons of foreclosure proceedings. There is no plan out there to help low-income homeowners. Even with President Obama's plan low income fold don't have ten percent to pay for refinance through FHA, I voted for him, but I think he is living in a dream world of some kind of mortgage relief fairy tale. I hope they come up with something to keep low income folks in their home. If they don't America will look like a slum town due to all the boarded up homes. I agree with your comments. I am now going through foreclosure, I am low-income on social security. I had a fixed rate of 6.375 with GMAC/INVESTOR FREDDIE MAX. I tried working with them on a workout months before we went into default, they would not work with us, even though we had good credit and a modest income. They promised us a deed-in-lieu if we would short-sale, which we did try, we go a offer, I asked them to send me something in writing giving me permission to do a short-sale, the rep told me they could send me nothing in writing, so our realtor was left holding the bag, so our file was closed, and we was refused a deed-in-lieu. GMAC is a nasty company they really treat their customer like crap, and could care less about what happens. They tricked us into moving by promiseing us a deed-in-lieu, same day we got a good offer, we recieved a civil summons of foreclosure proceedings. There is no plan out there to help low-income homeowners. Even with President Obama’s plan low income fold don’t have ten percent to pay for refinance through FHA, I voted for him, but I think he is living in a dream world of some kind of mortgage relief fairy tale. I hope they come up with something to keep low income folks in their home. If they don’t America will look like a slum town due to all the boarded up homes.

]]>