Free Consultation 24/7
516-712-2969
Current Clients Call 516-227-2662

June 2013 Archives

HAMP PROGRAM EXTENDED THROUGH THE END OF 2015

For all our clients who have remained in the fight to retain homeownership, there is much good news to be shared. The HAMP program has been extended through 2015. This should give everyone who has not yet participated in the modification review a very good reason to call our office.

FHFA ANNOUNCES NEW STREAMLINED MODIFICATION INITIATIVE

Washington, DC - The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage without requiring financial or hardship documentation.The new Streamlined Modification Initiative eliminates the administrative barriers associated with document collection and evaluation. Eligible borrowers must demonstrate a willingness and ability to pay by making three on-time trial payments, after which the mortgage will be permanently modified. Homeowners are encouraged to continue working with their servicer to evaluate all of their foreclosure prevention options. Documenting income and financial hardship could result in a modification with additional savings for the borrower."The Streamlined Modification Initiative adds to the suite of home retention tools offered by Fannie Mae and Freddie Mac," said FHFA Acting Director Edward J. DeMarco. "This new option gives delinquent borrowers another path to avoid foreclosure. We will still encourage such borrowers to provide documentation to support other modification options that would likely result in additional borrower savings."The Streamlined Modification Initiative builds on the principles of the Servicing Alignment Initiative by encouraging servicers to resolve delinquencies earlier and in a more consistent and expeditious manner to keep more people in their homes and to minimize losses to Fannie Mae, Freddie Mac and taxpayers. The program expires August 1, 2015.The program is available to those homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac. Since being placed into conservatorships, Fannie Mae and Freddie Mac have completed 2.7 million foreclosure prevention transactions, including 1.3 million loan modifications. 

Contact Us

Rubin & Licatesi, P.C.

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Rubin & Licatesi, P.C.
591 Stewart Avenue 4th Floor
Garden City, NY 11530

Phone: 516-712-2969
Fax: 516-227-3374
Map & Directions

Brooklyn Office
3857 Kings Highway Suite 1F
Brooklyn, NY 11234

Phone: 516-712-2969
Phone: 718-712-6864
Map & Directions

Bronx Office
3585 East Tremont Avenue
Bronx, NY 10465

Phone: 718-710-4880
Map & Directions

Current Clients: 516-712-2969
map
map
map
Attorneys