Fannie Mae Institutes the “Alternative Modification”
Sacramento Certified Pre-Foreclosure Specialist Report: Fannie Mae's Alternative Modification [caption id="attachment_1761" align="aligncenter" width="375" caption="Fannie Mae Institutes Alternative Modification for those who don't qualify for HAMP"][/caption] Modification News from DSNews: Servicers are working faster and more diligently to convert trial modifications to permanent status under the administration’s Home Affordable Modification Program (HAMP). In February, the number of mods in thepermanent column increased 45 percent compared to January. But the bitter truth is that some homeowners won’t qualify for long-term relief even after successfully making their trial payments – whether it’s because of insufficient documentation during the final application process or because once income is verified, their debt-to-income ratio pushes them out of the qualifying bracket. To offer these homeowners another option, Fannie Mae is instituting...
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