Freddie Mac has launched an aggressive, proactive campaign to help troubled borrowers modify their home loans under the federal government’s mortgage relief program.The GSE said Tuesday that it has hired Titanium Solutions, Inc., a homeowner contacting and counseling firm based in Salt Lake City, Utah, to knock on the doors of delinquent borrowers and obtain missing documentation and complete applications needed to begin their three-month trial payment periods for Home Affordable Modifications under President Obama’s Making Home Affordable program......The full reprinted article is on my blog if you would like to read the whole article.So what do you think about this? Will this be good for agents who are Titanium members?In general, do you think this program will have an impact on home owner retention rates?In the past many restructured loans defaulted within 30 - 60 days. Do you think this concept is going to make a change in those statistics?
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I think the averages for default will come out similar to past figures. Unfortunately, once a borrower is to that point it is typically just a matter of time before the other shoe falls. This doesn't begin to mention the amount of strategic defaults we will continue to see, especially if the "shadow inventory" influx drives market prices down further.
Beyond launching this aggressive campaign, Freddie Mac is also modifying their property preservation and rehabilitation program. The changes go beyond simply streamlining their current market inventory, and are directed at handling a significant increase in properties...
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I think the averages for default will come out similar to past figures. Unfortunately, once a borrower is to that point it is typically just a matter of time before the other shoe falls. This doesn't begin to mention the amount of strategic defaults we will continue to see, especially if the "shadow inventory" influx drives market prices down further.
Beyond launching this aggressive campaign, Freddie Mac is also modifying their property preservation and rehabilitation program. The changes go beyond simply streamlining their current market inventory, and are directed at handling a significant increase in properties...