Streamlined Loan Modification Program

Fannie Mae, Freddie Mac, Hope and the Federal Housing Finance Agency recently announced the new Streamline Modification Program (SMP) devised to assist homeowners in stopping foreclosure.

The qualifications for entry into this program are as follows:

The homeowner must meet certain criteria to be eligible for the new loan modification program. To begin with, the mortgage must be taken out before January 1, 2008 and the principal must be equal to or greater than 90 percent of the home’s market value, it must be a single-family residence or a condo and the homeowner’s primary residence.

In addition, the homeowner must be three months or more late on the mortgage payments, which are greater than 38 percent of the gross monthly income. The income must be verifiable and the homeowner needs to show financial hardship.

IF the homeowner meets the above criteria, they might qualify for assistance.

What if you do not meet all the requirements?
That’s when a forensic loan audit needs to be performed to ensure they were put in the right loan for their needs, that they weren’t taken advantage of and the loan is a fair and just match for that homeowner.

ModificationsLoan.com Loan auditors have a trained eye for mortgage violations. You need a forensic loan audit to detect evidence that can be used when negotiating with the loan servicer for a loan modification.

Contact us today for a free consultation by a loan modification specialist to see if you qualify for a loan modification (888) 459-0434.