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Fannie Mae Introduces Alternative HAMP Modification

March 19, 2010

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Fannie Mae Introduces Alternative HAMP Modification

Servicers are working faster and more diligently to convert trial modifications to permanent status under the Home Affordable Modification Program (HAMP). But the bitter truth is that some homeowners won't qualify for long-term relief even after successfully making their trial payments.

To offer these homeowners another option, Fannie Mae is instituting the 'Alternative Modification' (Alt-Mod) and requiring all its servicers to evaluate a borrower for the new solution before proceeding with foreclosure.

Web Link: http://www.dsnews.com/articles/fannie-mae-introduces-alternative-hamp-modification-2010-03-18

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