What are Fannie Mae's loan modification options?

Fannie Mae offers several loan modification options to assist borrowers who may be struggling to make their mortgage payments. The primary goal of these modifications is to make home financing more affordable and sustainable. One common option is the Standard Modification, which may involve changing the interest rate, extending the loan term, or capitalizing delinquent payments. Another option is the Flex Modification, designed for borrowers experiencing financial hardship. This program may reduce monthly payments based on their income and situation. The Home Affordable Modification Program, or HAMP, is another option that Fannie Mae previously supported; however, it is no longer accepting new applications since its expiration. Fannie Mae also provides assistance through its COVID-19 related modifications, which were introduced to help borrowers affected by the pandemic. It is important for borrowers to review their financial situation and ensure they meet the eligibility requirements for these modification programs. For specific details and guidelines regarding each option, it is advisable to visit the current Fannie Mae website for the most accurate and updated information.