FANNIE MAE STREAMLINES MORTGAGE MODIFICATION PROGRAMS
Fannie Mae recently announced the Streamlined Modification Program (SMP) is now available to Fannie Mae servicers and borrowers as an option to help prevent foreclosures. The SMP enables services to change the terms of a loan to reduce a borrower's monthly mortgage payment, including taxes, insurance, and HOA dues, to an amount equal to 38 percent of the borrower's gross monthly income.
The changes in terms may include one or more of the following: Adding the accrued interest, escrow advances and costs to the principal balance of the loan, if allowed by state law; extending the length of the mortgage loan as appropriate; reducing the mortgage loan interest rate; forbearing on a portion of the principal, which will require the borrower to make a balloon payment when the loan matures, is paid off, or is refinanced.
Servicers will be sending modification solicitation letters beginning this month to borrowers believed to be eligible for the program.
There is always a solution to foreclosure and we can explain your best options!!!
We have helped numerous homeowners in San Diego and Riverside counties and we can help you. Don't trust your home with just anybody!!! We are a licensed real estate Brokerage County Foreclosures and Properties USA Inc…. We've been working in the real estate industry with foreclosure and bank owned properties since 1995. … We've negotiated with many Banks and Savings & Loans officers to reduce loan balances or postpone foreclosures, or to re-structure loans on the behalf of the home owner… In short, we've been evolved in every facet of the Foreclosure process and we're here to help you with yours.