Streamlined Modification Initiative
"Our goal is to give homeowners an efficient way to avoid foreclosure and remain in their home. This streamlined modification initiative will cut through the paperwork and simplify the process of securing a permanent mortgage modification for struggling borrowers.
It is important for homeowners that are current on their mortgage to do everything they can to avoid missing payments. A refinance can provide greater savings than a modification and would avoid the credit impact of a delinquency. In addition, homeowners should continue working with their servicer because the options that are available by documenting a hardship will often create a more affordable monthly payment than a streamlined modification will. Finally, all homeowners must know that we will be using all the tools available to us to screen for potential strategic defaulters.
We believe that this new option will help homeowners avoid foreclosure by creating a sustainable monthly payment in a simple, straightforward process."