Streamlined Loan Modification Program:
Important Bulletin: December 14, 2016 – In Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-22 [PDF], Freddie Mac announced the new Freddie Mac Flex Modification, which is designed to offer you an easier, flexible way of helping more borrowers qualify for a loan modification in a changing housing environment. Please visit Freddie Mac's new Freddie Mac Flex Modification webpage for modification information and reminders or refer to the Freddie Mac Flex Modification Term Sheet.
In a press release dated March 27, 2013 the Federal Housing Finance Agency announced plans for a new Streamlined Modification Initiative.
This new program will allow borrowers and servicers both to benefit and the loan modification process has been greatly simplified.
As you may already know, the Tampa attorneys here at Fernandez Law Group can help you with many different types of loan modifications. We have had great success and have built a solid reputation for ourselves in foreclosure defense solutions for many Florida homeowners over the years and we work hard to get you the results you expect.
To continue offering such a wide range of foreclosure defense and Tampa loan modification solutions, we have studied, reviewed and prepared for the new Streamlined Loan Modification Program from FHFA which took effect on July 1, 2013 and are ready to help you determine whether or not this program is best for your situation.
Our Tampa Attorneys are ready to provide you with a detailed consultation for FREE!
GET HELP NOW!
What is the New Streamlined Modification Initiative?
On March 27, 2013 the Federal Housing Finance Agency announced a new Streamlined Modification Initiative in a news release which is designed to help further minimize losses while also helping troubled borrowers with yet another option to help them avoid foreclosure and stay in their homes. The program began on July 1, 2013.
After that date passed, servicers were required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage without requiring any financial or hardship documentation.
Administrative barriers once associated with document collection and evaluation can now be eliminated with the new Streamlined Modification Initiative. Borrowers who are eligible to participate will be required to demonstrate an ability and willingness to pay by making just three trial payments in a row on time. After that occurs, the mortgage will be permanently modified.
Additional benefits may be awarded to homeowners who continue to work with their servicer and homeowners are encouraged to do so in order to evaluate all available options to prevent foreclosure. We recommend consulting an experienced foreclosure defense attorney to help ensure your rights and all available options are presented to you before making any deal with a mortgage servicer. We are here to help you protect your interests.
Building on the principles of the Servicing Alignment Initiative, the Streamlined Modification Initiative also encourages servicers to resolve any delinquencies earlier on and in a more consistent and expeditious manner in order to keep more people in their homes while also helping to minimize further losses to Fannie Mae, Freddie Mac, as well as taxpayers.
Set to expire on August 1, 2015, the program is available to any homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, who have completed over 2.7 million foreclosure prevention transactions, including 1.3 million loan modifications - all since being placed into conservatorships.
Important Bulletin: December 14, 2016 – In Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-22 [PDF], Freddie Mac announced the new Freddie Mac Flex Modification, which is designed to offer you an easier, flexible way of helping more borrowers qualify for a loan modification in a changing housing environment. Please visit Freddie Mac's new Freddie Mac Flex Modification webpage for modification information and reminders or refer to the Freddie Mac Flex Modification Term Sheet.
The Tampa Loan Modification Attorneys and Foreclosure Defense team at Fernandez Law Group look forward to having the new program as another option for homeowners who are facing foreclosure and we look forward to working with you with the new streamlined process now as well as the existing options.
For more information on the new FHFA Streamlined Modification Initiative, take a look at our FHFA SMI (Streamlined Modification Initiative) Frequently Asked Questions.
Call or Text us today at 813-489-3222 for a FREE consultation.
Additional Foreclosure Defense Information:
Additional information about Loan Modifications:
Additional information on Short Sales:
Content authored by 
Gaston Fernandez
Call or Text us today at 813-489-3222 for a FREE consultation and case evaluation.