Fannie Mae and Freddie Mac have announced their replacement for the Home Affordable Modification Program (HAMP). The Flex Modification foreclosure prevention program is designed to help families stay in their homes by offering reductions on their monthly mortgage payments.
“The new Flex Modification announced by Fannie Mae and Freddie Mac (the Enterprises) today was designed based on lessons learned from crisis-era loan modification programs to help borrowers stay in their homes and avoid foreclosures whenever possible,” the FHFA said in a statement.
The Flex Modification also reflects input received over the course of extensive engagement with lenders, mortgage insurers, consumer advocates, and other stakeholders, the statement adds. The FHFA believes that by avoiding the high costs associated with foreclosures, Flex Modification will result in significant savings for the Enterprises and taxpayers, while borrowers facing financial hardships can obtain a sustainable modification.
The new modification will replace the current Fannie Mae Standard and Streamlined Modification offerings on and after Oct. 1, 2017.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.