The Federal Housing Finance Agency, the agency that oversees Fannie Mae and Freddie Mac, is launching a new loan modification program. The program is something quite different from HAMP and HARP. What is does is make the mortgage servicers in charge of providing relief to struggling homeowners rather than requiring the homeowner to chase down and make contact with their mortgage company.
The details about this program are just coming out. The program will start July 1, 2013 and end in August, 2015. It is open to Fannie Mae and Freddie Mac borrowers who are 90 days or more delinquent on their mortgages. A homeowner will not be required to submit proof of a financial hardship or go through exhaustive and extensive underwriting procedures to qualify for new modifications.
The details of this program are still unfolding… Call us if you find you are chasing your lender for a loan modification, we can help!