Foreclosure Prevention Rule Announced
The Federal Housing Finance Agency announced the new Streamlined Modification Initiative. Effective July 1, 2013 Fannie Mae and Freddie Mac will be required to allow modifications to ALL borrowers (with loans owned or guaranteed by Fannie or Freddie) who are at least 90 days delinquent, have a first-lien mortgage at least twelve-months old, and a LTV greater than 80%. Non-owner occupied and 2nd homes are eligible.
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