WebMar 8, 2024 · Fannie Mae Flex Modification for COVID-19 Impacted Borrowers. … WebIf Fannie Mae or Freddie Mac own your loan, you might qualify for a Flex Modification, which is a special loan modification program. Under this program, the loan servicer takes a series of steps, which may include lowering the interest rate and/or extending the term of the loan, to lower your monthly payments.
Freddie Mac
WebOct 18, 2024 · Flex Modification requires the mortgage servicer to reduce the homeowner’s payments on the loan by adjusting the interest rate, adding overdue payments to the remaining loan balance, extending the term of the loan, or setting aside part of … WebThe Flex Modification: Brings your loan current. May lower your mortgage payment to a more affordable amount. Adds your past-due amounts to the unpaid loan balance, and extends the term of your loan to 40 years from the date of the completion of the modification. May lower your interest rate. May defer some of your loan balance into a … dutch involvement in the american revolution
Fannie Mae Announces New Foreclosure Prevention Program
WebMar 8, 2024 · If the servicer determines the borrower is not eligible for a forbearance plan but there are acceptable mitigating circumstances, it must request Fannie Mae’s prior written approval by submitting a completed Forbearance Exception Request Template. WebServicers may begin to review Freddie Mac loans for Flex Modifications as soon as February 15, 2024 and Fannie Mae loans for Flex Modifications as soon as March 1, 2024. All servicers must begin to review both Fannie Mae and Freddie Mac loans for Flex Modifications by October 1, 2024. Once a servicer begins to review loans for Flex … WebMar 8, 2024 · Evaluate the borrower for a Fannie Mae Flex Modification in accordance with the reduced eligibility criteria within Evaluating or Soliciting a Borrower with a Disaster-Related Hardship for a Fannie Mae Flex Modification in D2-3.2-07, Fannie Mae Flex Modification: If the mortgage loan is... dutch iris hollandica mixed