| Many families have purchased homes with loan | | | | borrowerso House is homeowners' primary and only |
| payments they find now they cannot afford. Loan | | | | residenceo Loan-to-value worth 90% or more of |
| modification from Freddie Mac or Fannie Mae can | | | | market valueo Loan originated before January 1, 2008 |
| reduce homeowners' payments down to at least | | | | Lenders in the HOPE NOW alliance are making |
| 31-38% of their gross monthly income by offering | | | | homeowners who may be eligible for a loan |
| many options including:o Lengthening the term of the | | | | modification aware by mailing out thousands of letters |
| loano Principal leniency by providing a deferred balloon | | | | announcing the programs. Response to these letters is |
| paymento Lowering the interest down to as low as | | | | necessary to determine if the borrower is eligible for |
| 2%o Adjusting the loan balance to include accrued | | | | loan restructuring. If you are a homeowner that has not |
| interest and costs | | | | received a letter about loan programs available, you |
| These loan options are provided thru Fannie Mae and | | | | should contact your lender and find out if you are |
| 27 other lenders in the HOPE NOW alliance who | | | | eligible. Since all homeowners may not meet the |
| believe they should be able to provide struggling, eligible | | | | requirements for a loan modification, an accurately |
| homeowners with loan modifications that will help | | | | completed application should be filled out and submitted |
| borrowers keep their homes. To be eligible for the loan | | | | to determine if they can take advantage of the |
| modification, borrowers do have to meet specific | | | | available programs. |
| requirements:o Bankruptcy is not filed for from | | | | |