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A new program offered by Fannie Mae and Freddie Mac will provide delinquent borrowers relief through a 20 percent mortgage payment reduction, the enterprises recently announced. The program, the Flex Modification, available by or on Oct. 1, 2017, is open to borrowers who are at least 60 days delinquent on their loan.

“The new Flex Modification announced by Fannie Mae and Freddie Mac (the Enterprises) was designed based on lessons learned from crisis-era loan modification programs to help borrowers stay in their homes and avoid foreclosures whenever possible,” says Federal Housing Finance Agency (FHFA) Deputy Director Sandra Thompson. “The Flex Modification also reflects input received over the course of extensive engagement with lenders, mortgage insurers, consumer advocates, and other stakeholders. By avoiding the high costs associated with foreclosures, the Flex Modification will result in significant savings for the Enterprises and taxpayers, and it will provide borrowers who face permanent hardships with a sustainable modification.”

“The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment and simplify the process for servicers to deliver those solutions,” says Bill Cleary, vice president of Single-Family Servicing Policy at Fannie Mae. “We believe the program is flexible to adjust for regional and even local differences in housing. It provides the greatest amount of assistance to those areas in need.”

“We’re proud to announce the Flex Modification program, a carefully considered and transparent alternative for homeowners who want to avoid foreclosure in today’s post-crisis mortgage environment,” says David Lowman, executive vice president of Freddie Mac’s Single-Family Business. “We believe it strikes the appropriate balance between borrower relief and economic responsibility.”

The program will replace the Home Affordable Modification Program (HAMP®), which is expiring at the end of this year.

For more information, please view the Fannie Mae fact sheet or Freddie Mac fact sheet.

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