Fannie Mae and Freddie Mac have announced the creation of the Flex Modification foreclosure prevention program, which will assist struggling homeowners in keeping their homes by lowering their monthly mortgage payments.
Eligible borrowers are expected to receive a 20% reduction in their monthly payment when they participate in the program.
Fannie and Freddie have said that a “high percentage” of borrowers more than 60 days past due on their mortgage will be eligible for participation in the Flex Modification program as well as some less than 60 days delinquent and some who are current on their loan.
