Freddie Mac??is opening it's doors to??the influx of borrowers requesting loan modifications or other workouts.?? Freddie will be employing the help of third party servicers to help service Alt A and other types of High Risk Loans.?? The new plan will help keep at-risk borrowers in their homes and avoid foreclosures.
Under the new program a??select group of high-risk mortgage holders who are at least 60 days behind on their mortgages will be turned over to a specialty servicer for intensive attention.?? The service agent will employ the full range of Freddie Mac workout strategies, including Streamlined Loan Modifications??developed??with??the Federal Housing Finance Agency, Fannie Mae and the HOPE Now Alliance
The pilot program will target an estimated 5000 reduced documentation loans from California, Nevada and??other states with high delinquency rates which account for about half of Freddie Mac's Delinquent mortgages.?? Freddie Mac will review the new program and determine whether or not they will amplify the program to other loans in the late summer.
For more information about??Freddie Mac's??loan modification programs, visit MBA Commercial and get your own free loan modification kit, or call 800-958-1952????any time to liste to our??recorded message explaining loan modifications.
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