Flex Modifications not only replace Fannie Mae and Freddie Mac’s version of HAMP, but also the “Standard” and “Streamlined” modification programs that Fannie and Freddie offered in the past.
Flex Modifications will be the only modification program offered by servicers of a mortgage loan owned or guaranteed by Fannie or Freddie.
Now that HAMP is ending, Fannie Mae and Freddie Mac have announced a new “Flex Modification” home loan modification program.
This article summarizes the new program and more detail is found on the online version of NCLC’s § 5.11.3a.
Hedge fund managers appear unconcerned about the sharp price drops of Fannie Mae and Freddie Mac stock this week and remain committed to what could be one of the most lucrative buy-cheap, sell-high investments since the financial crisis.
Preferred shares, which theoretically would be paid first in a liquidation, also fell—albeit not as sharply.
Use these helpful forms to help you prepare » This option lets you get caught up on your past due payments over time.
But you need to contact your mortgage company as quickly as possible to determine if you are eligible for a Repayment Plan.
After these steps, the servicer determines if these steps have reduced the monthly payment by at least 20%.
If not, the servicer must forbear more principal to attempt to reduce payments by 20%.