A new loan modification program is on the way. Federal Housing Finance Agency, the conservator of Fannie Mae and Freddie Mac, has launched a new loan modification program. The program is a major departure from HAMP and HARP thank goodness. It puts the mortgage servers in charge of delivering relief, instead of homeowners to run down, chase and exhaust themselves contacting their mortgage company.
The basic details so far are the program will begin July 1 and end August 2015. Homeowners will need to be 90 days delinquent on their mortgage and they will not have to submit proof of financial hardship or undergo extensive underwriting.
This “Streamline Modification Initiative” needs a better name, name branding and at least so far better publicity. It is a push program. If you have a delinquent home mortgage.
Visit the Federal Housing Finance Agency to see for yourself, and stay tuned to our blog for more on this subject.