New Streamlined Modification For Freddie Mac Mortgages

important-notice-hi(1)Is the mortgage on your home insured by Freddie Mac?  Are you between 90 and 720 days late on your mortgage payment?  If you answer yes to these questions you may be eligible for the new Freddie Mac streamlined modification program.  This program was planned to begin on July 1, 2013 but the government owned company changed the date in an effort to help victims of Hurricane Sandy.  This streamlined program makes it easier for homeowners who are behind in their payments to keep their home, there is not even an application!  Lenders are directed to contact all homeowners who fit the criteria of the program with a solicitation letter and trial period plan notice.  When this package is received, the homeowner can start submitting the modified payment to begin the trial period.

Details Of The Freddie Mac Streamlined Program

  • This program applies to the whole country
  • Lenders must send modification offers to homeowners who are between 90 and 720 days late on their mortgage
  • Mortgage must be at least 12 months old
  • Eligible borrowers do not have to submit documentation
  • After a three month trial period the modification becomes permanent as long as the homeowner continues to make the modified payments
  • Lenders can reduce the monthly payments by adjusting interest rates, extending the repayment time or, in some cases, lowering the principal

Check out the full details on the Freddie Mac website to see if you qualify.  This sounds like a great alternative to a short sale for many homeowners who are trying hard to get back on their feet and keep their homes.  Hopefully, this program will help many people in the next few months if it works as has been planned.

However, if this plan won’t work for you, call me at 239-601-3174 to talk about a short sale of your home.  The process is a bit easier than it was a few years ago and there is a chance that your credit may not be affected too much.  I have a great deal of experience both in listing and selling short sales so let me help you get out from underneath that huge mortgage.

Remember, it is always toasty in Naples and you deserve your piece of Naples sunshine!

 

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