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2013 FHFA Streamlined Loan Modification Program - Foreclosure


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10/27/2013
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2013 Streamlined Loan Modification Program

The Federal Housing Finance Agency recently announced a New Streamlined Modification Initiative that started July 1, 2013 and set to continue to August 1, 2015.

The plan differs from other programs in that it includes fixed rate features, a 40 year loan term and principal reduction.

How is This Different from Other Fannie and Freddie Modification Options?

Unlike other progarms, the trial modification period begins without requiring documentation of hardship or completing a complete financial pacakge.

As a result, the normal 31% of gross monthly income baseline for HAMP modifications is not a factor.

Do I Qualify?

The program only applies to loans guaranteed by Fannie Mae or Freddie Mac.

The program only applies to borrowers delinquent between 90 days and 24 months.

The program only applies to loans with an LTV ration greater than 80%.

First Lien Mortgage that is at least 12 months old.

http://www.fhfa.gov/webfiles/25068/StreamlinedModInit32713Final.pdf

http://www.nolo.com/legal-encyclopedia/streamlined-modifications-fannie-mae-freddie-mac-mortgages.html



Category: Foreclosure Law


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