The difference between this new streamline refinance program, and Freddie’s standard modification program is that it would require less documentation.
Facts about Freddie Mac’s conventional streamline program…
1) The Streamlined Modification will target borrowers who are at least 90 days delinquent on mortgages that are at least 12 months old, and meet other eligibility criteria.
2) Eligible borrowers are not required to submit documentation, but can accept a Streamlined Modification offer simply by making the trial period payments. The modification becomes permanent once the borrower demonstrates their ability to pay by completing the trial period.
3) The Streamlined Modification offers the same mortgage terms as the Standard Modification Freddie Mac announced in September 2011, which enables servicers to reduce a borrower’s monthly mortgage payment by adjusting interest rates, extending payment terms to 40 years, and providing principal forbearance for certain underwater borrowers.
That’s it for today!
Brett
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