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New Freddie Mac Loan Modification Program
Freddie Mac recently announced that they are making a new streamline loan modification program for delinquent borrowers available now.
This program is for borrowers that are 90 days late on their loan and the loan must be at least a year old. Also, the borrower can’t be more than 720 days late. It will waive any document requirements for borrowers to receive the loan modification and it becomes permanent once you make your first 3 payments on-time.
If you need help, please contact your mortgage service provider directly.
Have a wonderful week.
Mahalo Nui Loa,
Melissa for The Smith Team
P.S. – Several weeks ago I mentioned that I was trying to do a loan modification with Bank of America to do an interest rate reduction. They have a special interest rate reduction program as part of the Department of Justice and State Attorneys General National Mortgage Settlement with major mortgage servicers, including Bank of America. I always paid my loan on-time and I recently got approved for a no-cost loan modification program to bring my interest rate down from 6.875% to 4.25%.