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Streamlined Loan Modification Programs

Sunday, January 11, 2009

Loan Modification Program kicks in: On Monday (12/15), the Streamlined Loan Modification Program (SLMP) policies regarding loan modifications and foreclosure prevention became effective. The new policies apply to mortgages held by Fannie Mae, Freddie Mac and privately-held securities.

According to the Federal Housing Finance Agency eligible borrowers must meet the following criteria:

  • They must be owner-occupants;
  • They have missed three or more payments;
  • Have not filed bankruptcy;
  • Have experienced a hardship or change in financial circumstances, and
  • Have not purposely defaulted to obtain a modification.

You can get more detailed information at www.hopenow.com, orwww.hud.gov

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Posted in Mortgage Information by Patricia Manzi Add a comment

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