At the direction of the Federal Housing Finance Agency Freddie Mac and Fannie Mae are introducing a new foreclosure prevention program called Flex Modification This new program will replace the Home Affordable Mortgage Program (HAMP) which is expiring end Dec. 2016.
The Flex program Flex is expected to provide a 20 percent reduction in mortgage payments for eligible borrowers.
GSEs'(government-sponsored enterprise) servicers must implement the new program by October 1, 2017.
You can learn more about this new foreclosure prevention program here --> http://www.mortgagenewsdaily.com/12152016_foreclosure_prevention.asp
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