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http://www.realestatesolutions2012.com
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In a recent policy change Fannie Mae canceled a program called the HomeSaver Forebearance.
The HomeSaver Forebearance program was designed to help people recover from a "speed
bump" in life. It cut a homeowner's house payment by 50% for up to six months. The new Payment
Reduction Plan is meant to replace this canceled program.
How does this program help me?
If you are having a tough spell due to a job loss, illness, divorce or other temporary setback this
program can help you get back on your feet. Under this program you can get the principle and
interest portion of your house payment lowered by as much as 30% for up to six months. During
this time your lender will work closely with you to see if a more permanent solution can be created.
However, there are a few things you need to know.
The most important thing is that you are only eligible for the Payment Reduction Plan if you are
determined to be ineligible for Fannie Mae's Home Affordable Modification Program (H.A.M.P.). If
you decide that the Payment Reduction Plan is ideal for your situation you will have to have
applied, and been rejected, for the H.A.M.P. first. Don't worry though, it is well worth the effort. The
H.A.M.P. is by far the best foreclosure prevention program out there so if you qualify for it you will
be happy!
The other thing you need to know about the Payment Reduction Plan is that your current loan
must already be owned by Fannie Mae to be eligible. As you try to save your home it is imperative
that you find out who owns your loan since this determines what programs are available to you.
This will be the single, most helpful step you will take during your quest to save your house from
foreclosure. Important - Who you mail your payments to is your servicer, not who owns your loan!
Who should I contact?
Only your servicer can do this program. Your servicer is the company you mail your monthly
mortgage payments to. Get out your monthly mortgage statement and call the customer service
number on it. Ask to apply for the Payment Reduction Plan. It is often their "loss mitigation"
department that handles these types of programs so they might transfer your call there. Just so
you are aware, it is the law that they participate in the program!
What should I expect?
Be prepared to be persistent. Since this program can only be done by your servicer you are relying
on the knowledge of the person that answers the phone. If they don't know what the Payment
Reduction Plan is ask to speak to a supervisor. You might have to remind them that it is a new

2. program. Once you have the right person be prepared to explain the situation and how it will
change for the better. You will probably be asked to provide some personal financial documents
and an explanation, or "hardship" letter.
Need to find out who owns your loan? The website SavingTheHouse.org
[https://savingthehouse.org/] will answer that question and more.
Over recent months many Government and private programs have been developed to lower
mortgage payments yet most homeowners don't know how to find them. This site has done all the
research saving a homeowner weeks of confusion and phone calls. On this site a homeowner
answers 3 simple questions to learn:
* Which programs are available to them.
* Who to contact.
* What to expect.
The site is also free to use.
Permalink [https://savingthehouse.org/programsFannie/fannie-mae-payment-reduction-plan.php]
Article Source:
http://EzineArticles.com/?expert=E._B._Larsen
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To guarantee you get your mortgage reduced; or stop a foreclosure; check out this site:
http://www.realestatesolutions2012.com
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