Mortgage giants Fannie Mae and Freddie Mac are launching another loan-modification program, but to qualify for this one, borrowers must be 90 days behind on their mortgage payments.
Borrowers can’t apply. But if they are three months or more behind on their loan, they will be contacted by their servicers. The goal of the new program is to reduce the government-owned agencies’ losses by modifying mortgages without requiring hardship documentation from the borrowers. Read more: New help offered to struggling-borrowers
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