New streamlined fannie mae and freddie mac modification updates - no hardship docs, no income docs?

underwarter

LoanSafe Member
Jun 16, 2013
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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.
 

willingtoplay

LoanSafe Member
Apr 3, 2013
81
8
8
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.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
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.
The solicitation requirements as well as eligibility for this program through Fannie Mae can be found here;

https://www.fanniemae.com/content/announcement/svc1305.pdf

Check the requirements and the exclusions for eligibility to see where you stand.
 

KrisD

LoanSafe Member
Mar 20, 2012
24
2
3
Florida
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.
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!
 
Hi Kris D. First thanks so much for the update. This is great news. Just a few questions.
You mentioned you have 2 mortgages are they with the same lender?
Does the modified amount include the 1st and 2nd or only the 1st?
Do you remember what the interest rate on both the loans was BEFORE the mod offer?
Final question, had you requested HAMP in the past and if so did they offer you something?
If you can rent it out for more than the mortgage amount WOW what a deal.
Keep us up to date.

Thanks again !
 

KrisD

LoanSafe Member
Mar 20, 2012
24
2
3
Florida
Hi! Yes, we do have two mortgages - this modification is only for our first mortgage, backed by Seterus. Any rental income will only cover this mortgage. The interest rate prior to this offer was 7.1% We requested HAMP in the latter part of last year and were denied.
Our second mortgage is with 21st Mortgage Corp (was GMAC) and we have not paid in about 19 months. We are hoping to eventually settle it. GMAC sent us a settlement offer that was way out of our reach prior to selling the mortgage. Unfortunately, from the very little bit of information I can find on this company, they are very difficult to deal with - though they did send us a letter that said if we send a payment now they will remove all late fees and we will have a clean slate moving forward (Not interested - we can't afford it and we are already 19mos with no activity). Regardless, we are thrilled with the offer from Seterus. I'm not ready to let the home go completely, because in my eyes that will make bankruptcy inevitable and we need to avoid that because of my husband's business. So now it's just wait and see! I keep hoping that when we move to Texas maybe the second just won't find us, but I know that's wishful thinking!
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
84
48
SF Bay Area CA
Hi KrisD

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!
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.
 

flatsix

LoanSafe Member
Sep 9, 2013
22
0
1
I sent in my streamline to Fannie mae's office in Tampa and after two months they told me BOA is not accepting them.

Anyone else have this problem? I went on Fannies facebook page and pointed this out and they've called me a couple times but seem un aware that BOA isn't participating.

Ridiculous
 

KrisD

LoanSafe Member
Mar 20, 2012
24
2
3
Florida
Just an update on our situation for anyone who may be researching the no-doc mods. Trial mod is done! Payment went from $1710 to $1057 with 4% interest. Just paid our first non trial payment on Nov 1. Unfortunately we still have an underwater second mortgage that is looming over our heads....hasn't been paid since March 2012, but we'll worry about that when the time comes.
 

KrisD

LoanSafe Member
Mar 20, 2012
24
2
3
Florida
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.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
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.

KrisD, 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
 

nbtapia1

LoanSafe Member
Jun 3, 2009
164
4
18
USA
KrisD, 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
Would this loan modification be offered by Green Tree :(
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Would this loan modification be offered by Green Tree :(
Yes the modification would come directly from your mortgage servicer.
 

Viccinoel

LoanSafe Member
Jul 19, 2013
17
0
1
Does anyone know what this means exactly? This came directly from Freddiemac site -Freddie Mac Standard and Streamlined Modification Reference Guide October 2013.


Borrower Ineligible Exclusions A borrower with the following characteristics is ineligible for a Streamlined Modification.
1. A borrower with all of the following characteristics:
 The borrower was current on his or her mortgage for each of the five months prior to the Due Date of Last Paid
Installment (DDLPI) and never made a payment after becoming delinquent;

I'm trying to figure out if we would be eligable for this streamline mod
Tx
Vicci
 

WilfordPa

LoanSafe Member
Dec 30, 2013
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