The FLEX Modification Program targets both home loans that have not yet been modified or those home loans that were previously modified but borrowers defaulted on them and now are behind on their mortgage. This new program has expanded the eligibility criteria; it allows for higher and lower income applicants to be eligible for a reduction in payment. For borrowers 90 or more days delinquent, the program targets a 20% payment reduction and requires little borrower documentation.
The program offers borrowers principal forbearance (reduction) of up to 30% of the unpaid principal balance with a target loan-to-value of 80%-100% based on your current property value. Other potential benefits include a reduction in interest rate, the conversion of an adjustable rate mortgage into a fixed rate loan and an extension of your loan term to 40 years, all of which reduce your monthly payment.
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Just like the HARP program, the Flex program is designed to help people avoid bankruptcy and keep their home. This is typically done by reducing the monthly payments on the mortgage, which can be accomplished in a number of ways, including the following:
Once done, most people will have their mortgage payments cut by up to 20% per month, and kept below 40% of their total monthly income. They will also have a fixed interest rate, which is beneficial for maintaining a predictable payment each month.
If you are struggling or behind on your mortgage payments, or you fear you will be in a bad financial position soon due to job loss or other circumstances, now is the time to take action. The above only explains the basics of the program, but there are many details that may apply depending on your situation. Fill out the form on this page, or call (866) 775-1552 to speak with an experienced modification specialist and find out if you qualify for FLEX.
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