Fannie Mae to Launch New Foreclosure Prevention Program | Apartment Loan Depot Since 2005 – Fannie Mae and Freddie Mac Multifamily Loans Nationwide

(RECAP: Fannie Mae has announced its new Flex Modification foreclosure prevention program, designed to help families by offering reductions to their monthly mortgage payments. The Flex Modification leverages components of Fannie’s Home Affordable Modification Program (HAMP), set to expire at the end of 2016, and the Fannie Mae Standard and Streamlined Modifications, which will be replaced by the Flex Modification in late 2017.The new program was developed in alignment with Freddie Mac at the direction of the FHFA. The Flex Modification incorporates input from a wide range of industry participants, as well as lessons learned from earlier programs. It is expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations.)