Fannie Mae offers servicers a flexible way to help more borrowers retain their homes while enduring a hardship.
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A loan modification might be available to eligible borrowers who have experienced a permanent or long-term hardship and whose loans are delinquent, or are determined to be in imminent default in accordance with the Servicing Guide.
The Flex Modification offers eligible homeowners mortgage payment relief:
- For borrowers less than 90 days delinquent, the modification requires a complete Borrower Response Package and targets a 20% principal and interest payment reduction and 40% housing expense-to-income ratio.
- For eligible borrowers 90 or more days delinquent, the modification targets a 20% payment reduction and requires no Borrower Response Package.
The Flex Modification may result in some principal forbearance in accordance with F-1-27 of the Servicing Guide.
Help Borrowers Avoid Foreclosure
- Know Your Options is Fannie Mae's consumer education initiative that explains the range of options available to homeowners in extraordinary circumstances and provides guidance on how to seek help.
Default-Related Legal Services
Managing Default-Related Legal Services
Resources are available to assist in default-related legal services.
- Conducting Default-Related Law Firm Compliance Reviews FAQs
- Excess Attorney Fee/Cost Guidelines
- Allowable Title Cost for Fannie Mae Foreclosures
- Mortgage Default Counsel Retention Agreement Amendment 2018-3 - 8/2/18
- Mortgage Default Counsel Retention Agreement Amendment 2018-2 - 6/6/18
- Mortgage Default Counsel Retention Agreement Amendment 2018-01 - 4/18/18
- Mortgage Default Counsel Retention Agreement
- Schedule of Legal Fees and Costs