Question by gregwhatshisname: Has Freddie Mac started to introduce any loan modification programs for banks?
I have been unemployed for the last 60 days and my Credit Union has been telling me that Freddie Mac keeps delaying these “Webinars” that need to be held before any loan modifications can take place. The C.U. has told me for the last three weeks that they have not been told what the qualifications are in order to get a loan modification. Is this true? Do I have to wait for my credit union to have a “WEBINAR” with Freddie Mac before I can get a loan modification?
Best answer:
Answer by golferwhoworks
so far they have done nothing
What do you think? Answer below!
Freddie Mac is part of the loan modification program that President Obama recently introduced (along with Freddie’s larger counterpart Fannie Mae). Keep checking with your bank or mortgage company for information on when they can begin helping you, but it should be soon. There are two parts to the plan introduced:
1) Loan modification – you loan will be modified so you can afford the payments and your payment is a maximum percentage of your income. you’ll need to prove a bunch if information, such as income, assets, hardship, etc.
2) Refinance Plus – You’ll be allowed to refinance up to 105% of your home’s value (or equity).
Both are availalbe as soon as your bank allows, so get in touch with a mortgage company to find out more. I’ve also included a link below to the governments main site about the program.
Hope this info help!