Representatives of the Federal Housing Finance Agency (FHFA), Fannie Mae, Freddie Mac and HOPE NOW have officially launched the Streamlined Modification Program (SMP). The SMP, which was developed by FHFA in conjunction with Fannie Mae, Freddie Mac, HOPE NOW and mortgage servicers, is already making progress in preventing foreclosures, its creators state.
The SMP is an expedited program that targets troubled borrowers. To be considered for the program, a seriously delinquent borrower should contact his or her servicer, who will try to arrange an affordable monthly mortgage payment. If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower's situation through a customized process.
Source: Federal Housing Finance Agency