The U.S. Treasury released summary guidelines regarding the Home Affordability Modification and Refinance Program on March 4, 2009.
More details are expected soon from Fannie Mae and Freddie Mac regarding this new program. In the meantime, distressed borrowers should proactively gather documentation supporting their financial situation, including:
- Recent pay stubs or paycheck statements for all wage earners in the household
- Copies of recent tax returns
- Recent bank statements
- Recent investment account statements
- Written explanation that details the hardships giving rise to their reduced ability to pay their mortgage obligation as agreed.
Having this independent documentation readily available will help speed up the process once the programs officially become available. We do appreciate your patience and will continue to provide updates as more information is available.
For more information, visit www.fanniemae.com and www.freddiemac.com