Butler Realty

Streamline Your Mortgage

Here are some tips and advice for homeowners currently facing or those who may be facing in the near future trouble paying the mortgage. 

  1. KnowYourOptions.com is an excellent resource – a site created by Fanny Mae to help homeowners find solutions to financial difficulties.
  2. Take action as early as possible.
  3. If you’ve already experienced missed payments and late fees, you may qualify for a temporary or permanent adjustment to make your monthly payment more affordable.
  4. Get all of your financial documentation in order. One out of three delinquent borrowers has difficulty providing adequate documentation often because of nontraditional income such as tips or side jobs. 

Fanny Mae’s streamlined modification product can now offer homeowners a more affordable payment without income documentation. To be eligible, the loan must be owned or guaranteed by Fanny Mae or Freddie Mac and must be between 3 and 24 months delinquent with a loan to value ratio of at least 80%.

Adapted from RISMedia’s Video “Streamline Your Mortgage” by Jenny Dunn