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ATLANTIC PACIFIC SERVICE

We SERVE our CLIENTS

FANNIE MAE/FREDDIE MAC FLEX RESTRUCTURE

PROGRAM HIGHLIGHTS

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 Fannie Mae/Freddie Mac has combined the features of the  Home Affordable Modification Program (HAMP), Standard Modification, and Streamlined Modification into the Flex Modification program, offering Servicers an easier, flexible way of helping more borrowers qualify for a loan modification in a changing housing environment. 


The Flex Modification will replace HAMP and the Standard and Streamlined Modification programs with a single modification program that leverages the lessons learned

from the housing crisis.

FLEX RESTRUCTURE

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The  Flex Modification can be applied to all mortgage loan delinquencies, and to mortgage loans that are determined to be in imminent default in accordance with the Servicing Guide. 


The program will offer additional payment relief allowing forbearance of principal to an 80% mark-to-market loan-to-value ratio (MTMLTV) for eligible borrowers (not to exceed 30% of the unpaid principal balance) 

in two ways:  


For borrowers less than 90 days delinquent, the program requires a complete loss mitigation application and targets a 20% payment reduction and 40% housing expense-to-income ratio.  For borrowers 90 or more days delinquent, the program targets a 20% payment reduction and requires no borrower documentation.

Lender Letter LL-2016-06

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 The Flex Modification combines features of the HAMP, Standard Modification, and Streamlined Modification, and is intended to replace Standard and Streamlined Modifications as of the effective date provided below. 


The Flex Modification can be applied to all mortgage loan delinquencies, and to mortgage loans that are determined to be in imminent default in accordance with the Servicing Guide.


 Borrowers with mortgage loans less than 90 days delinquent must submit a complete Borrower Response Package (BRP) in accordance with this Lender Letter, and will be evaluated for a Flex Modification which will target a 20% payment reduction and a 40% Housing Expense-to-Income (HTI) Ratio.

Borrowers

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 Borrowers with mortgage loans 90 or more days delinquent are not required to submit a BRP and will be evaluated for a Flex Modification which will target a 20% payment reduction.   

Once implemented, the servicer must offer the Flex Modification to all eligible borrowers according to the requirements in this Lender Letter and not evaluate borrowers for a Standard or Streamlined Modification. 

  This Lender Letter covers the following requirements for the Flex Modification: home modifications foreclosure

Documentation Requirements

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 Determining Eligibility for a Flex Modification.

Determining Eligibility for a Flex Modification for a Section 50(a)(6) Mortgage Loan.

Obtaining a Property Valuation.

Performing an Escrow Analysis.

Determining the Flex Modification Terms.

Calculating the Housing Expense-to-Income Ratio.

Offering a Trial Period Plan and Completing a Flex Modification.  Soliciting the Borrower for a Flex Modification.

Handling a Complete Borrower Response Package.

Preparing the Loan Modification Agreement.

Executing and Recording the Loan Modification Agreement.

Adjusting the Mortgage Loan Account-Post Mortgage Loan Modification.

COMMON MISTAKES

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 NON PROFESSIONAL

“I’ll do it myself” is the most common response by all homeowners behind on their mortgage payment. Lenders encourage this behavior so as to deny the claim. 


However, net present value (NPV) calculations and debt to income (DTI) ratio calculations must be very specific and detailed with proper vernacular in order for you to qualify. Lenders have also been accused in the past of finding reasons to deny homeowners loan modifications.


EXPERIENCE & RELATIONSHIPS

Having the knowledge and business acumen to create concise documentation that will get approved is where are Professional expertise saves you MONEY.

About Us

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FREE CONSULTATION

 APS is driven by a desire to give power back to the powerless, to help homeowners defeat the big banks that take advantage of you and to get justice for every client. Each client gets a free initial consultation with an experienced professional that will tell you if you have a case against your lender. If litigation isn’t the right solution, we’ll work with you to create an individual strategy to stop foreclosure and stabilize your payments.

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Comprehensive Approach

 APS begins by personally conducting a comprehensive evaluation to determine the best course of action for you based on your individual case. Our evaluation includes a thorough investigation of your real property debt(s), including all relevant documents recorded against your property with the county recorder since the day you purchased or refinanced, and a review of all lawsuits, bankruptcies and liens.

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EXPERIENCE YOU CAN TRUST

 APS understands the power of litigation as leverage against your lender. We never hesitate to litigate with skill and precision against big banks that refuse to do what is right. Our track record includes many successful cases. We postpone foreclosure sales effectively, when necessary. We are committed to focus on each individual client’s needs, goals, budget and circumstances to develop a strategy for a long-term financial solution that actually relieves the client’s financial burdens.

APS PROTECTS OUR CLIENTS

Wrongful Foreclosure & Lender Violations

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APS helps homeowners fight lenders violations such as discrimination, loan modification abuse including dual tracking, chain of title violations, robo-signing of documents and quiet title issues.

Eviction defense

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 After a foreclosure sale has occurred, when lenders sue homeowners and tenants for unlawful detention to evict them from their homes, At APS  we provide a strong  eviction defense to keep residents in their homes as long as possible and potentially get them cash to move.

Foreclosure Statutes

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  Recent foreclosure laws provide borrowers with significant additional rights before, during and after foreclosure and further regulate lenders and loan servicers, including the provision of penalties for material violations.

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ATLANTIC PACIFIC SERVICE

3580 Wilshire Blvd, Suite #900-33 Los Angeles, California 90010

DIRECT (323) 289 2600

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