Loan Modification Forum - LoanSafe.org - View Single Post - Need advice--CW/Fannie Mae

vinnyrf · 01-22-2009, 04:21 PM

I too just spoke with Fannie Mae also on 01-22-09 and according to them the Early Work Out Program is for borrowers who are either current or late does not matter. If you are current with a Fannie Mae backed loan stop requesting from your servicer for a loan "modification". A loan modification through Fannie Mae requires you to be 91 days late on your loan payments. However you must prove a hardship, in my case it is income, and if approved you go on a 3 month trial period of the new loan terms as offered. If after the 3 months all paymets are current, the new loan terms will be applied. WAMU is my servicer and they too are unaware of the Early Workout Program. Hang in there this program according to Fannie Mae only came out in December 2008. It may not have filtered through the channels as yet.

01-22-2009, 04:21 PM	#4 (permalink)
vinnyrf Member Join Date: Jan 2009 Posts: 27 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae I too just spoke with Fannie Mae also on 01-22-09 and according to them the Early Work Out Program is for borrowers who are either current or late does not matter. If you are current with a Fannie Mae backed loan stop requesting from your servicer for a loan "modification". A loan modification through Fannie Mae requires you to be 91 days late on your loan payments. However you must prove a hardship, in my case it is income, and if approved you go on a 3 month trial period of the new loan terms as offered. If after the 3 months all paymets are current, the new loan terms will be applied. WAMU is my servicer and they too are unaware of the Early Workout Program. Hang in there this program according to Fannie Mae only came out in December 2008. It may not have filtered through the channels as yet.