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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys

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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys
GET THE FRESH START YOU DESERVE

Bankruptcy &
Debt Relief For
Individuals and
Businesses

Chapters 7, 11
and 13

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Foreclosure
Defense &
Mortgage
Litigation

Saving Homes
Fighting Banks

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Loan
Modifications

Preventing
Foreclosure

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Commercial and 
Bankruptcy
Litigation

State Federal &
Bankruptcy Court

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Bankruptcy & Debt Relief For
Individuals and Businesses

Chapters 7, 11 and 13

Find Out
More

Foreclosure Defense &
Mortgage Litigation

Saving Homes Fighting Banks

Find Out
More

Loan Modifications

Preventing Foreclosure

Find Out
More

Commercial and Bankruptcy
Litigation

State Federal &
Bankruptcy Court

Find Out
More

The Flex Modification Program

| Feb 8, 2017 | Loan Modifications |

Fannie Mae and Freddie Mac are introducing a jointly developed new mortgage loan modification at the direction of the Federal Housing Finance Agency, which has been named the Flex Modification.

The Flex Modification combines features of the Home Affordable Mortgage Program (“HAMP”), Standard Modification and Streamlined Modification. The Flex Modification can be applied to all mortgage loan delinquencies, as well as to mortgage loans that are determined to be in imminent default in accordance with Fannie Mae and Freddie Mac’s Servicing Guides.

Servicers are encouraged to implement the Flex Modification policies as early as March 1, 2017; however, servicers must begin evaluating borrowers for the Flex Modification no later than October 1, 2017. Once implemented, servicers must offer the Flex Modification to all eligible borrowers and no longer evaluate borrowers for a Standard or Streamlined Modification.

Borrowers with mortgage loans less than ninety (90) days delinquent must submit a complete loss mitigation application, and will be evaluated for a Flex Modification which will target a 20% payment reduction and a 40% housing expense-to-income ratio.

Borrowers with mortgage loans ninety (90) or more days delinquent are not required to submit a complete loss mitigation application, and will be evaluated for a Flex Modification which will target a 20% payment reduction.

Contact Us Today for a FREE Consultation

Although you may attempt to negotiate for a loan modification yourself, there are significant benefits to working with a law firm that is experienced in this area. If you have any questions concerning the Flex Modification program or loan modifications in general, please contact our office at 973-323-2953 .

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