Flex Modification is estimated to reduce mortgage payments by 20 percent.įannie Mae and Freddie Mac are government-sponsored enterprises that participate in the secondary mortgage market. This program is the successor to the Home Affordable Modification Program (HAMP), which expired recently. While you may be able to get a proprietary modification through your lender, you also may be eligible for the Flex Modification program if Fannie Mae or Freddie Mac owns your loan. One of your main options if you are facing a foreclosure is to modify the terms of your loan to reduce your monthly payments.
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