What comes after HAMP?
The Making Home Affordable Program (or HAMP as it is also known) created under the Obama presidency ended on December 31, 2016. Many of our clients have been asking for information on other loan modification programs that may be available. We are pleased to inform you about the “Flex Modification Program” which was recently announced by Fannie Mae and Freddie Mac to replace the HAMP program.
The Flex Modification Program is designed to reduce payments and be an easy and streamlined process. This is great news for borrowers as it means that there will be alternatives beyond internal loan modifications for struggling homeowners. There will be options for those who are currently behind on payments (more than 60 days) and there may even be some options for those who are struggling with payments but still current.
This program is set to start officially on October 1, 2017 but in the meantime, banks can evaluate borrowers with a Fannie Mae or Freddie Mac loan for their Standard and Streamlined Modifications. Fannie Mae and Freddie Mac are also accepting cases for the Flex Modification program as early as March 1, 2017.
If you have fallen behind on your mortgage payments and are looking for relief through a Loan Modification, our office is here to help you. Don’t let the stress of high payments or a possible foreclosure overwhelm you! Please call us for a consultation to discuss your options!