“Flex Modification” Designed as New HAMP

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Posted To: MND NewsWire

Both Freddie Mac and Fannie Mae will be rolling out a new foreclosure prevention programs next year to replace the expiring Home Affordable Mortgage Program (HAMP). The program, which both GSEs are calling Flex Modification , was developed at the direction of the Federal Housing Finance Agency (FHFA). Flex is expected to provide a 20 percent reduction in mortgage payments for eligible borrowers. A high proportion of homeowners who are 60 days or more past due on their payments are expected to be eligible and the modification could also be an option for those who are current on their mortgages or less than 60 days delinquent in certain situations. The GSEs’ servicers must implement the new program by October 1, 2017 . HAMP expires at the end of this month and during the resulting gap the GSEs…(read more)

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