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The Flex Modification program is a conventional loan modification program designed to help homeowners who are experiencing long-term or permanent financial hardship. Using this program can help ...
Loan modification programs. Conventional loan modification: If you have a conventional mortgage backed by Fannie Mae or Freddie Mac, you might be eligible for the Flex Modification program, which ...
A mortgage modification can help you get better terms on your home loan if you're struggling to make payments. The Flex Modification program is designed to help homeowners who have mortgages that ...
During the Great Depression, loan modification programs took place at the state level in an effort to reduce levels of loan foreclosures. During the Subprime mortgage crisis, loan modification became a matter of national policy, with various actions taken to alter mortgage loan terms to prevent further economic destabilization.
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
The emergency loan-modification options give homeowners the potential to extend amortization periods on their homes if experiencing significant financial hardship or foreclosure. These options can offer extensions up to a 40-year amortization, if a 15-year extension is granted on a previous 25-year amortization mortgage.
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