Home Saver Advance

 

How Can HomeSaver Advance Help Me Avoid Foreclosure?

Fannie Mae has another option for homeowners who are facing foreclosure. The HomeSaver Advance program was developed for borrowers who are at least two months late on their mortgage payments and are financially ready to begin making current payments again, but can’t handle a standard repayment plan right away.

The HSA is given in the form of a 15-year loan on the amount needed to bring the mortgage current, with no payments due or interest accrued for 6 months. After the first 6 months, the interest rate will be 5 percent. HomeSaver Advance isn’t for homeowners who are in long-term financial trouble, but it can help those who see the light at the end of the tunnel.

The amount of the HSA loan will include past-due principal, interest, taxes, insurance, escrow advances, and certain other fees. Late charges can not be included in this loan and must be either waived or paid. The total loan has a cap of the lesser of 15 percent of the unpaid principal on the mortgage or $15,000.

Eligible loans must be a first lien on the property and must not have already been foreclosed, discharged in bankruptcy, or the recipient of an HSA. Previously modified loans must have been paid for at least 12 months, while 6 months of payments must have been made on unmodified loans. FHA loans are not eligible for an HSA.

For more information, please see Fannie Mae’s HomeSaver Advance fact sheet.

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