Loan Modification Guide

A modified loan is a loan that was legally modified after loan closing in a way that changed any of the loan terms or attributes reflected in the original note. In general, loans with material modifications, such as changes to the original loan amount, interest rate, final maturity, or product structure, are not eligible for delivery to Fannie Mae.

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Mortgages previously modified with the Flex Modification terms in Guide Section 9206.10 and the mortgage became 60 or more days delinquent within 12 months of the modification effective date (in this instance, the first modified payment due date) and the borrower has not brought the mortgage current following the delinquency

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Many homeowners have fallen behind on their mortgage and could soon be on the path to foreclosure without permanent help. If this sounds like your situation, you may be eligible to modify your mortgage. Options include the Fannie Mae Flex Modification, which replaces the Home Affordable Modification Program (HAMP) that ended in December 2016.

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A mortgage modification is an agreement between you and your lender to avoid a foreclosure by making the terms of your loan more affordable. There are.

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A loan modification is a change to the original terms of your mortgage, typically due to financial hardship. The goal is to reduce your monthly payment and this can be achieved in a variety of ways.

The servicer must follow the procedures in Preparing the Loan Modification Agreement, Executing and Recording the Loan Modification Agreement, and Adjusting the Mortgage Loan Account Post-Mortgage Loan Modification in F-1-13, Processing a Fannie Mae Cap and Extend Modification for Disaster Relief for preparing, executing, and recording Form.

Deficiencies in servicing, foreclosure, and loan modification. Deficiencies in control and oversight. For more information for boomer consumers, see my blog The Survive and Thrive Boomer Guide.