by Niman Singh (from AAOA)
Fannie Mae’s New Loan Payment Reduction Plan
Fannie Mae’s Payment Reduction Plan (PRP) is now available to real estate investors and landlords who are having trouble making payments on their investment properties.
Since real estate investors and landlords have not been eligible for Home Affordability Modification Program (HAMP), they have had problems getting access to help from Uncle Sam with their residential rental loan payments.
Now real estate investors and landlords can tap into the PRP to reduce their monthly loan payment giving them time to work out their financial problem.
Therefore, if a landlord or real estate investor has suffered a financial hardship, they can work out a 30% reduction in monthly loan payments.
Similar to Fannie Mae, Freddie Mac is also offering help to troubled real estate investors and landlords. They can skip payments from 3 months to 6 months and in some situations loan payments on residential rental investment properties can be missed for a year.
Anybody who has a lost a job can tap into this program and take advantage of it.
To get more information on Payment Reduction Plan, CLICK HERE
Niman Singh is with TReXGlobal, the makers of SimplifyEm Pay Rent Online and Property Management Software.