Borrowers with a Freddie Mac and Fannie Mae backed mortgage who are at least 90 days behind on their payments have been receiving offers directly from their investor to lower their mortgage payments. Thanks to a new effort called the Streamlined Modification Initiative, borrowers are now receiving aid without the lengthy application process.

Back in May the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie mac stated about 1.1 million borrowers are behind on their loans by three payments or more. The qualified loans must be at least 12 months old, no more than 24 months behind on payments, and their principal balances must be 80% or more of the value of their homes.

Extensive paper work and procedures other programs require have been a huge obstacle in getting people the assistance they need. Lenders purposely lose paper work, or take so long in valuating your file that certain documents expire, requiring borrowers to jump through hoops to get the mortgage aid they deserve. If you would like to know if you mortgage is backed by Freddie Mac or Fannie Mae visit https://knowyouroptions.com/loanlookup to see if Fannie Mae backs your loan, and https://ww3.freddiemac.com/corporate/ to see if Freddie mac backs your loan.

QUICK AND EASY WAY TO GET YOUR MORTGAGE PAYMENTS BACK ON TRACK by