Freddie Mac has announced a Streamlined Loan Modification that should provide an efficient way for borrowers to avoid foreclosure and remain in their home. The Freddie Mac Streamlined Modification program is a temporary initiative that provides severely delinquent, eligible borrowers an opportunity to avoid further stages of delinquency quickly and without documentation. The Streamlined Loan Modification enables Freddie Mac Servicers to modify a borrower’s mortgage by adjusting interest rates, extending payment terms to 40 years, and providing principal forbearance for certain underwater borrowers. Some of the key features of the Streamlined Loan Modification include the same terms as the Freddie Mac Standard Modification program. Freddie Mac introduced an alternative to foreclosure that targets severely delinquent borrowers and eliminates the requirement for borrowers to submit a Borrower Response Package. The Streamlined Loan Modification offers a trial period plan in … [Read more...]
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