On February 18, 2009 the Treasury Department announced the Homeowner Affordability and Stability Plan. It is a $75 billion program to help up to 9 million homeowners avoid foreclosure, which was supplemented by $200 billion in additional funding for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages.This initiative is intended to reach millions of responsible homeowners who are struggling to afford their mortgage payments because of the current recession, yet cannot sell their homes because prices have fallen so significantly or because their interest rate has increased or they have less income.
"For many families, a low-cost refinancing could reduce mortgage payments by thousands of dollars per year. It can help many of our clients." says Fred Filsoof, President of Coordinated Properties.
Under the Homeowner Affordability and Stability Plan, borrowers who are current on their mortgage but have been unable to refinance because their house has decreased in value may now have the opportunity to refinance into a 30-year, fixed-rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they guarantee in their own mortgage-backed securities. Under the program, a lender would be responsible for reducing total monthly mortgage payments to no more than 38% of the borrower’s income, with the government sharing the cost to further reduce the payment to 31%. The plan also involves potentially forgiving or deferring a portion of the borrower’s mortgage balance. Mortgage servicers will receive incentives to modify loans and to help the homeowner stay current, though participation by lenders is voluntary.
To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible for refinancing, you should contact your mortgage lender.
Fred F. Filsoof also has been most active in numerous civic and charitable organizations, a former regional board member of UNiCEF, Honorary chairman of NRCC Business Advisory Council, a supporter and organizer for Red Cross blood drive, and an active supporter of Atlanta Ballet. Mr. Filsoof's company has been distinguished by Highest Industry awards and Honors. He has been a frequent guest speaker at real estate symposiums and meetings throughout the area and Fred F. Filsoof has been a consecutive member on "THE LIST" of Atlanta's Top Commercial Developers.
About Coordinated Properties
Coordinated Properties,Inc. is a full service real estate company based in Atlanta, GA. The company has grown outside of Altanta and has multiple properties in Georgia, New York City, Biloxi,MS, and Stewart, FL. The company's office is located at 1100 Garmon Dr. NW Atlanta, GA 30327