Fannie Mae and Freddie Mac to offer No Documentation Loan Modification Program
The Program
Fannie Mae and Freddie Mac will offer a simplified loan modification process. Beginning July 01, 2013, servicers will be required to offer borrowers who are at least 90 days, but not more than 24 months, delinquent on their mortgage a trial modification without requiring financial or hardship documentation.
If the homeowner makes three timely trial modification mortgage payments, their mortgage will be permanently modified. Additionally, homeowners who provide documentation of their finances and hardship could receive “a modification with additional savings.”
The Eligibility Requirements
“The loan must be owned or guaranteed by Fannie Mae or Freddie Mac. Homeowners must be 90 days to 24 months delinquent, and have a first lien mortgage that is at least 12 months old with a loan to value ratio equal to or greater than 80 percent. Loans that have been modified at least two times previously are not eligible.” The program ends August 01, 2015.
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