Foreclosure Protection Program Springfield
Fannie Mae and Freddie Mac announced Foreclosure Protection Program Springfield. The new foreclosure program Flex Modification will replace the existing program in late 2017. Two corporations developed FLEX at the direction of the FHA.
"The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment, and simplify the process for servicers to deliver those solutions."
Flex Modification is expected to provide a 20 percent payment reduction for eligible borrowers. That includes a high percentage of those who are at least 60 days delinquent. The Fannie, Freddie foreclosure protection program Springfield could be an option for those who are current or less than 60 days delinquent in certain situations.
Imagine, you struggle to pay your $1,000 a month mortgage, then suddenly Fannie and Freddie agree to cut your payment by $200. The Flex Modification program doesn’t go into effect until late 2017. However, recognize the warning signs of approaching foreclosure trouble including:
- 1. Have difficulty paying the mortgage payment on time.
- 2. Have very little savings for emergencies, and
- 3. Use credit cards to get to the next payday.
- 4. Paying the minimum on your credit cards
- 5. Neglecting doctor and dental visits
- 6. Shrinking from the ring of the phone
Don’t ignore the warning signs. The approaching signs of trouble should spur you into action.
While Foreclosure Protection Program Springfield is an option, there are some things you can do:
Contact your lender and level with them. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance or give you repayment options.
(A) Loan modification could include a reduction of the interest rate, convert from a variable interest rate to a fixed interest rate, or extend the length of the term of the loan. A loan modification agreement is a permanent solution to unaffordable monthly payments.
(B) A forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.