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Questions? Let's Talk: 877.762.4375
The Streamlined Modification Initiative goes into effect this week and will help many home loan borrowers save large amounts of money. The effort is targeted toward borrowers with mortgages from Freddie Mac or Fannie Mae and are 90 days or more late on payments. The mortgage Bankers Association stated in May 2013 that there were approximately 1.1 million delinquent homeowners at the time. David Berenbaum, a coordinator for the fair housing and fair lending compliance initiatives for the National Community Reinvestment Coalition talked about the initiative saying “this is a no-brainer and should have been done years ago.” More here
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