Freddi Mac Has Lowered Modification Interest Rate

As of July 1st, Freddie Mac announced that its Standard Modification interest rate has come down from 5% to 4.625%. The Standard Modification is for borrowers who do not qualify for the government's HAMP program (Home Affordable Modification Program).
The modification makes payments more affordable by lowering a borrower's principal and interest payments by at least 10%. The Standard Modification and HAMP both include a trial period to ensure borrowers can maintain modified mortgage payments.

Freddie Mac may adjust the interest rate for Standard Modifications based on market conditions. The Freddie Mac Standard Modification is part of the Servicing Allignment Initiative, which is an effort to increase consistency in how delinquent loans are serviced.

If you are facing foreclosure in Kansas or Missouri mortgage modification may be available to you. If you are not eligible for modification there are other defenses to foreclosure and filing bankruptcy may be able to prevent foreclosure. I offer a free initial consultation if you would like to speak with me about your options. I would also welcome any comments or questions below.