Loan Modification News Update
In a push to simplify loan modifications, many borrowers who become 90 days or more past due on mortgages backed by Freddie Mac and Fannie Mae will be offered lowered payments without having to prove hardship, the federal regulator of the home-finance giants said.
The streamlined modification program, to be put into effect in July, would reduce monthly payments by about 30% on average, officials said in announcing the program Wednesday. It is highly recommended that you continue to ask your lenders about this specific program as it is targgetting homeowners underwater, who are and have been unemployed and wanting to save/stay in their home.
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