18 Dec 08 Streamlined Mortgage Modification Program Eligibility Requirements

  -- Conforming conventional and jumbo mortgage loans originated on or before January 1, 2008;

  -- Borrowers who are at least three or more payments past due and are not currently in bankruptcy;

  -- Only 1-unit, owner-occupied, primary residences; 

  -- Current mark-to-market loan-to-value ratio of 90 % or more.

Mortgage service companies will be sending mortgage modification solicitation letters beginning this month to thousands of homeowners believed to be eligible for this loan workout program. It is critical that eligible borrowers seeking mortgage relief respond to these letters and reach out to their servicers to determine if they can receive streamlined loan modification assistance. Also, borrowers who don't receive a letter are encouraged to contact their servicer to see if they may be eligible for SMP help. Fannie Mae will be working with servicers to monitor and improve implementation of the program as necessary. 

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage loan market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. In 2008, we mark our 70th year of service to America's housing market. Our job is to help those who house America.  - Source Fannie Mae 

Tags: Fannie Mae, jumbo mortgage loans, loan modification, loan workout, mortgage modification, mortgage relief, streamlined mortgage modification

Reader's Comments

1. Lannette Myers | 06 Jan 2009 2:03 pm

   I have two mortgages and need a loan modification asap. I am new to this loan workout stuff. I want to lower my payments if possible and get caught up. -thanks

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