JP Morgan Chase Loan Modification BAU

For those who have applied for a loan modification trial through Chase and have gone through the "making home affordable" government program, Chase is now offering a program called "BAU".

Not sure what it is as of yet, but if you were denied a modification through Chase, you can now apply for the new program. I hope there is a better chance to get approved as the last one through the Obama administration has been a total disaster!

Good luck to everyone and I hope you stay in your home. Please leave a comment and let me know how your experience has been with the Chase trial or permanent loan modification department or program has been.

Fannie to Let Renters Remain in Foreclosures

According to the Washington Post, Fannie Mae is along renters to stay in their home even if the current landlord is in foreclosure.

"Fannie Mae has agreed to let renters stay in their homes even if the owners of the properties have been foreclosed on, according to an announcement from the company yesterday. About 4,000 renters live in properties foreclosed on by Fannie Mae.

The move comes after the mortgage-finance giant came under pressure from a Connecticut legal aid group to end efforts to evict tenants who are able to pay their monthly bills but whose landlords have lost their buildings to foreclosure."

The foreclosure rate continues to rise nationwide and their seems no end in sight. Real Estate auctions are probably not as common as you may believe as banks are trying to keep families in their current home at all costs.