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Mike Stowe
Georgia Real Estate Depot
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5620 THOMPSON MILL ROAD - HOSCHTON - GA - 30548 (cell)770-241-1663 - (Office) 770-401-4932 - (E-Fax ) 770-965-8859 - email |
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Categories: | General (3) | Streamlined Loan Modification Program On December 15, 2008, the Streamlined Loan Modification Program (SLMP) goes into effect. It was announced in November by the Federal Housing Finance Agency (FHFA), the Department of Housing and Urban Development (HUD), the Treasury Department, and the HOPE NOW Alliance representing the vast majority of mortgage lenders and mortgage. The SLMP applies not only to mortgages held or securitized by Fannie Mae and Freddie Mac but also to mortgages held by lenders in portfolio and mortgages in private label securities. The program complements other individual lender initiatives to minimize foreclosures. The goal of the SLMP is to reduce preventable foreclosures by establishing a streamlined loan modification program. The SLMP sets an industry standard for helping borrowers at risk of losing their homes. The program is aimed at borrowers at least 90 days delinquent who are at the highest risk of losing their homes. The program is limited to borrowers who own and occupy homes as their primary residences and who are not in bankruptcy. To apply, a borrower should contact the mortgage loan servicer, provide required information about the borrower's income, submit a hardship statement, and certify the borrower did not purposely default to obtain a loan modification. Under the program, an affordable mortgage is a mortgage where the payment does not exceed 38 percent of monthly gross income. The lower payment can be achieved by reducing the interest rate, extending the term of the loan, deferring (but not forgiving) payment of principal, or a combination. Where the servicer cannot make the loan affordable under the SLMP, it may address the problem on a case-by-case basis. As an incentive to participate, servicers will receive $800 for each loan modified under the SLMP.  Embed this feed with: SpringWidgets |
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(cell)770-241-1663 - (Office) 770-401-4932 - (E-Fax ) 770-965-8859 - email
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