AARP Finance Starting DEC. 15, Fannie Mae and Freddie Mac, the mortgage finance giants now controlled by the federal government, will modify loans for borrowers who have missed three or more payments, own and occupy the home as a primary residence and have not yet filed for bankruptcy. More than a quarter of all delinquencies affect homeowners over the age of 50, according to AARP research.
Certainly AARP members in the USA are better off than their counterparts in the UK, where banks are now seeking to foreclose on loans where two payments have been missed and due to a recent high court ruling, using a little know law they can repossess property without going to court, so AARP members should beware.
Members of AARP who have subprime loans where the value of the loan exceeds the value of property will not got any help. The reason the US government stepped in to support banks such as Freddie May and Freddie Mac was due to their mismanagement of loans which started the ball rolling in the first place, so it is ironic that AARP member in severe financial difficulties are not being helped.
On a side note banks and credit card suppliers in the the UK are increasing their rates despite a recent drop in Base Lending rates and some have been slow to reduce their mortgage rates.
Tel 603 217 5219