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A Flex Modification is supposed to reduce an eligible borrower's mortgage payment by about 20%. The servicer (the company you make your mortgage payments to) reduces the current interest rates and payment by taking one or more of the following steps: capitalizing any overdue amounts (adding past-due amounts to the outstanding loan amount) for hardship modification
The Flex Modification program helps borrowers who have Fannie Mae and Freddie Mac owned loans. A Flex Modification, which replaces the now-expired Home Affordable Modification Program (HAMP) program, is supposed to reduce an eligible borrower's mortgage payment by about 20%.
In a flex modification, the bank agrees to alter your mortgage terms, which in turn lowers your monthly payment to a more affordable amount. Hardship modifications have a trial period of three months during which you must prove the ability to meet the new payment requirement. As long as you make the payments and you meet the eligibility requirements, the loan modification will become permanent lowering the current interest rates.
All documents will be provided in our standard package plan, SPS will further strengthen your hardship modification case by including a professionally written and composed letter of hardship, and additional supporting documents needed to lower current interest rates through the flex modification
Letter of Hardship
Lender Specific Financial Statement
Request for Transcript of
Tax Return 4506-T
Freddie Mac 1126 Financial Statement (if applicable)