Freddie Mac has unveiled its latest Streamlined Modification program, which is set to go into effect immediately and will be available to all eligible borrowers. The essential goal of streamlining this process would be to expedite financial relief for potentially thousands of distressed families while also making the process simpler in general for anyone seeking to use the Streamlined Modification program. The Streamlined Modification program was initially set to go live on July 1st.
Loans must also be at least 12 months old in order to qualify and meet the criteria in place from Freddie Mac. The Streamlined Modification program is not dissimilar from the Standard Modification program, however; there are some differences of note, some of which are outlined below.
Of interest to those effected by Hurricane Sandy, this new Freddie Mac program will provide aid for eligible victims of the hurricane/superstorm. For those seeking immediate aid, they should know that no paperwork is required to submit while using the Streamlined Modification program, as long as the user is an eligible borrower. During a three-month trial period, an individual must make payments on time and afterwards, the modification will go into permanent effect.