Rena & I both are out of our jobs. As a consequence, our monthly mortgage payment is certainly above 31% our monthly gross income. Therefore, I have filled out the request to see whether Fannie Mae or Freddie Mac owns our mortgage loan.
HOPE, IT IS!
If it is, we are qualified and ready to apply. If we get any relief out of our (everyone’s) 75 billions in each payment, we will certainly contribute to his administration’s Stimulus Plan in a big way.
Note: Lenders must agree to reduce the loan payments to 38 percent of a borrower’s monthly income. After that, the government and lender split the cost of bringing the payment down to 31 percent