RealtormagMortgage financing giants Freddie Mac and Fannie Mae announced a new foreclosure prevention program that will roll out next year to replace the Home Affordable Mortgage Program (HAMP), which expires at the end of this month.
The new program will be called “Flex Modification.” It reportedly will provide a 20 percent reduction in mortgage payments for eligible borrowers. The majority of those homeowners who can qualify will be 60 days or more past due on their payments, although the GSEs note that some exceptions may be granted to those who are current on their mortgages or less than 60 days delinquent in certain circumstances.
