Has any body received one of these Freddie Mac streamlined modification offer letters yet? I asked my RM and executive team member at Ocwen about the Streamline Mod in early June and they had no idea what I was talking about.
I find it really heard to believe that servicers to not know about the streamlined modification. My loan is Fannie Mae backed, Seterus servicer. I have heard nothing from them, nor have I contacted them about this new program, but I was wondering if I would get something in the mail after the 1st and nothing yet.Has any body received one of these Freddie Mac streamlined modification offer letters yet? I asked my RM and executive team member at Ocwen about the Streamline Mod in early June and they had no idea what I was talking about.
The solicitation requirements as well as eligibility for this program through Fannie Mae can be found here;I find it really heard to believe that servicers to not know about the streamlined modification. My loan is Fannie Mae backed, Seterus servicer. I have heard nothing from them, nor have I contacted them about this new program, but I was wondering if I would get something in the mail after the 1st and nothing yet.
Hello all. 2 weeks ago we received a Fedex with the streamlined no-doc modification offer (trial payments). Seterus holds our mortgage, it is over 90 days past due and we meet all the requirements. I almost feel like this whole thing is too good to be true. Our original payment was $1730 and the mod. payment is $1113. I don't have the paperwork with me, but after the trial payments are over the loan will be set at about 4% interest for 40 years from the end of the trial. We are moving from Florida to Texas, and were going to have to short sale (home is worth 190k and between two mortgages we owe 315K). Now we are probably going to lease out the home to cover the modification amount and see what happens. Just wanted to let you know that servicers are actually starting to send letters out!They probably have thousands of letters to send out. It will take some time for them to figure out who may qualify. It might be several months. When someone gets and offer please let us know here.
Thanks for your posts. When you move to TX, I reommend you NOT try to SS the property. If it were me, instead of SSing, I'd rent out the property and stop making payments. You'll enjoy immediate positive cash flow rental income and will likely enjoy that recurring revenue stream for many many months until Seterus finally gets around to FCing. Good luck to you.Hello all. 2 weeks ago we received a Fedex with the streamlined no-doc modification offer (trial payments). Seterus holds our mortgage, it is over 90 days past due and we meet all the requirements. I almost feel like this whole thing is too good to be true. Our original payment was $1730 and the mod. payment is $1113. I don't have the paperwork with me, but after the trial payments are over the loan will be set at about 4% interest for 40 years from the end of the trial. We are moving from Florida to Texas, and were going to have to short sale (home is worth 190k and between two mortgages we owe 315K). Now we are probably going to lease out the home to cover the modification amount and see what happens. Just wanted to let you know that servicers are actually starting to send letters out!
We are relieved, BofA. It took us completely by surprise. I'm hoping we can settle our second mortgage at some point so that this whole process will be behind us, but until then we risk a lawsuit from our lender. I wish you the best in getting a mod! Hopefully BOA will not keep dragging it out.
Would this loan modification be offered by Green TreeKrisD, Congratulations on being one of the first members we've seen approved for the new Streamlined modification program! You're now saving nearly $700 a month and a 4 percent rate for the life of the loan, can't beat that! Would you mind sharing your success story in the following forum section as well, it would be greatly appreciated![]()
Success Stories - Homeowners Who Fought Back & Won
Yes the modification would come directly from your mortgage servicer.Would this loan modification be offered by Green Tree![]()