The Federal Housing Finance Agency ("FHFA") announced that, effective July 1, 2013, Fannie Mae and Freddie Mac mortgages will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes.
Beginning July 1, servicers will be required to offer eligible
borrowers who are at least 90 days delinquent on their mortgages an easy way to
lower their monthly payments and modify their mortgages without
requiring financial or hardship documentation. It is called
the "Streamlined Modification Initiative". After
making the three trial payments, the mortgage should be permanently modified
with the lower payment. The lower payments would be due to a lower interest
rate and/or longer mortgage term, rather than a reduction to mortgage
principal. The homeowner must timely make each of the three trial- modification payments.
The program begins July 1, 2013 and ends August 1, 2015.
The loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
Homeowners must be 90 days to 24- months (and no more) delinquent in
mortgage payments, and have a first-lien mortgage that is at least 12 months
old with a loan-to-value ratio equal to or greater than 80 %. That means you
must have a first mortgage where the balance you owe is 80% or more of the
value of your home and you must have taken out this mortgage at least twelve
months ago, and be somewhere between 3 months and 24 months behind in your monthly mortgage payments.
Loans that have been modified at least two time previously are not
eligible.
For further information, dial 211 and ask to be placed with a Housing counselor. Why? The State of New Hampshire provides to its residents, at NO COST, the ability to work with a housing counselor to process a loan modification application. Again, simply dial 211 and ask to be placed with a housing counselor to apply for a loan modification at no cost to you!
For further information, dial 211 and ask to be placed with a Housing counselor. Why? The State of New Hampshire provides to its residents, at NO COST, the ability to work with a housing counselor to process a loan modification application. Again, simply dial 211 and ask to be placed with a housing counselor to apply for a loan modification at no cost to you!
You can click here to see if your loan is owned or guaranteed by
Fannie Mae or Freddie Mac.
Fannie Mae look up:
Freddie Mac look up:https://ww3.freddiemac.com/corporate/?intcmp=LLT-HPimage
For more information, click on the news releases below issued by
the Federal Housing and Finance Agency:
Fannie Mae info: https://www.fanniemae.com/content/announcement/svc1305.pdf
Freddie Mac Info: http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1305.pdf