September 16, 2013 Freddie Mac Extends Foreclosure Avoidance Options for Distressed Homeowners To further support your efforts to help distressed homeowners avoid foreclosure, we are announcing several changes to our servicing requirements for the Home Affordable Modification Program (HAMP) and Freddie Mac Streamlined Modification. We are also revising the foreclosure time lines for three states. Key revisions to our requirements include: Modification Extensions We are updating our requirements to reflect the extension of HAMP and the Freddie Mac Streamlined Modification, as follows: HAMP modifications must have Trial Period Plan effective dates on or before March 1, 2016 and modification effective dates on or before September 1, 2016. Freddie Mac Streamlined Modification Trial Period Plans must have effective dates on or before December 1, 2015. This extension will provide Freddie Mac Servicers with the opportunity to assist more of your eligible clients with an affordable modification option. Treasury Net Present Value (NPV) Requirements For all proposed HAMP modifications submitted through the Treasury NPV model on or after January 1, 2014, the NPV result must be positive in order for mortgages that meet all other eligibility criteria to be eligible for HAMP. State Foreclosure Time Lines Extended Effective for all foreclosure sales completed on or after September 1, 2013, we have increased the state foreclosure time lines by 30 days in Nevada, New Mexico, and Washington state. We have extended the foreclosure time lines for these states to ensure that Freddie Mac Servicers can meet current market needs. For More Information Visit the Housing Professionals Resource Center for our latest information on these updates.Refer to Guide Bulletin 2013-17 regarding our updated Freddie Mac Servicer requirements.
Posted on: Fri, 20 Sep 2013 15:18:18 +0000
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