Streamlined Loan Modification Program (2009)

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Freddie Mac, Fannie Mae,, 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 qualifying for 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 you can prove that the homeowner meets all the requirements listed above, then they might ...

Full Description

Freddie Mac, Fannie Mae,, 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 qualifying for 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 you can prove that the homeowner meets all the requirements listed above, then they might qualify for assistance through this program.

If you do not meet all the requirements then you DO have other options available to you? We would recommend a forensic loan audit if you do not qualify or if you prefer not to be late on your current mortgage which will preserve your credit rating. The audit will uncover whether the audit needs to be performed to ensure you were put in the right loan for your needs. We are finding that many homeowners had been put into a loan that was to primarily compensate the broker with little regard to the affordability of the mortgage to the homeowner.

Rate Mediate Loan auditors are professional Forensic Auditors that specialize in for mortgage violations. Most of our auditors are previous forensic auditors that worked closely with the court systems to uncover financial fraud. 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 for a NO COST evaluation by one of our a loan modification advisors to see if you qualify for a loan modification or the many other programs available to you and your family. Please give us a call at (888) 256-4608.

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