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Fannie Apollo Mod, Alt24 Mod

Discussion in 'Loan Modification' started by Foxfire, Jun 2, 2011.

  1. Foxfire

    Foxfire LoanSafe Member

    I've seen quite a few posts asking about the Apollo mod lately so....They've been referencing both on monthly stat reports since we began the new mod program back in November, however we've known little about either. Fannie is now moving to have all servicers use the program. See my post from November, this is the Apollo Mod.

    http://www.loansafe.org/forum/searc...w-fannie-mae-modifications.html?forcenoajax=1

    Our recent bulletin we received indicated that Apollo will now require the use of the Imminent Default Indicator, and imm def will change from 60 days to 90. It was alluded that the Alt24 mod will be the program for those that don't qualify for HAMP and then not for Apollo either.

    Our Fannie Mae rep is visiting on the 13th, so I'll know more after then, and will post what I learn.

    Hope this sheds some light for people. Thanks.
  2. Foxfire

    Foxfire LoanSafe Member

    That's true...

    It's true, we can initiate foreclosure at 90 days. And the guidelines require us to have it in foreclosure by the 105th day of delinquency.

    Also in an email from our rep today mentioned the Alt Mod will have "looser documentation requirements," whatever that means.
  3. Nicole3

    Nicole3 LoanSafe Member

    Good point!! I am feeling that way. I know now why my mortgage lender called yesterday about making the July payment!!! He NEVER told me to NOT pay my mortgage. I DO NOT feel comfortable NOT making my payment. That makes no sense to me whatsoever. I am just really frustrated, I am trying to AVOID hardship therefore trying to get a FIXED rate. We are in an ARM that starts April 2012. I thought this mod would be a great idea.

    However - I do not see the upside in not paying your house payment, especially when you have to be 90 days late now. And like Firefox said, out by the 105th day.

    What do I do?? Nobody will refi us because we owe more than the house is worth. (Just like everyone else I feel like). I am just so confused!!!
    Last edited by a moderator: Nov 22, 2011
  4. Nicole3

    Nicole3 LoanSafe Member

    Firefox -

    In your opinion - is this Apollo mod actually helping consumers who are CURRENT on their mortgage?

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