As more bad news continues to come out of Wall Street, Freddie Mac offers some help with a new plan to aid families facing foreclosure. Under the Streamlined Modification Program, seriously delinquent borrowers can try to restructure their mortgage and stay in their homes. The program, a partnership between Freddie Mac, the Federal Housing Finance Agency , Fannie Mae and the HOPE Now Alliance, eliminates several time-consuming steps and evaluates borrowers with standard requirements and documents.

The Streamlined Modification Program will attempt to help qualified borrowers facing foreclosure by reducing mortgage rates, extending the mortgage term up to forty years or forbearing part of the principal. Contact your servicer to find out if you qualify for this fast-track mortgage workout.

December 18, 2008