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Servicers Can Modify Current Loans, Fannie Mae Says

Big Win for Servicers and Lenders of Fannie and Freddie Owned Loans against nevada hoa foreclosures. is binding precedent in federal court in the Ninth Circuit and should dictate judgments in favor of the lenders and servicers of Freddie Mac and fannie mae loans in. Loan Modification; Loan.

You can contact a Fannie Mae mortgage lender of your choice to discuss your situation. (You should ask any lender you contact if it is a Fannie Mae lender.) However, if you are currently behind in your payments and are eligible only for a loan modification, then only your current mortgage servicer can modify your loan.

In new policy guidelines released this week, Fannie Mae told servicers that they can no longer name MERS as the plaintiff in any foreclosure action, whether judicial or non-judicial, on a mortgage loan owned or securitized by the GSE.

Many homeowners have fallen behind on their mortgage and could soon be on the path to foreclosure without permanent help. If this sounds like your situation, you may be eligible to modify your mortgage. Options include the Fannie Mae Flex Modification, which replaces the Home Affordable Modification Program (HAMP) that ended in December 2016.

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"Lenders can continue to decide what type of documentation is appropriate and what can be retained as part of the loan file to show that a borrower is legally present," said Fannie Mae, adding that "subsequent changes to the law and its application may cause us to reevaluate our policy on this matter prospectively."

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Acceptable Loan Terms. Fannie Mae purchases or securitizes loans that have original terms up to 30 years. The term of a first mortgage may not extend more than 30 years beyond the date that is one month prior to the date of the first payment.

Fannie Mae Reminds Residents and Mortgage Servicers of Assistance Options for Areas Affected by Tropical Storm Barry. a loan modification may help maintain the pre-disaster payment amount.

It said the change will increase the percentage of loans it approves, but it would not say by how much. That doesn’t mean every Fannie-backed loan can go up 50 percent. the Net Worth column in The.

CHICAGO (MarketWatch) — Loan modifications through the government’s Home Affordable Modification Program tripled in the first quarter compared to the fourth quarter, according to data that covers.