How Do You Approach Fannie Mae And Freddie Mac For A Mortgage Loan Modification?
The federal government is offering an option for desperate homeowners. Under President Obama’s Making Home Affordable program, a homeowner can ask for a mortgage loan modification. There are a few requirements that have to be met before the owner can ask for a modification. The homeowner has to have his or her mortgage insured through either Fannie Mae or Freddie Mac. Homeowners who do not meet this requirement have the option of participating if their mortgage lender has agreed to participate in the program. Freddie Mac’s specific requirements for a mortgage loan modification are: – The borrower is late on their mortgage payments; – The borrower is making their mortgage payments on time, but the mortgage is no longer feasible because of a documentable circumstance; – The borrower spends more than thirty-one percent of pre-tax income on mortgage payments; – The borrower took out the mortgage on or before January 1, 2009; – The mortgage is for a one-to-four unit property, and the borrow
