Financially distressed homeowners with Freddie Mac mortgages will have a new option for loan modifications beginning next month. The new option, called a Standard Modification, is designed for borrowers who are ineligible for a Home Affordable Modification Program (HAMP) loan modification or have previously defaulted on...

The Basic Steps of Foreclosure Fannie Mae has publicly assured homeowners going through foreclosure that they will be protected from losing their homes while applying for a federally funded loan modification. They can apply for a modification at any point before or during the foreclosure process....