• Alliance Financial

    Group

     

    Obtain a Restructured Mortgage Loan

    and Block Foreclosure

     

     

    Call us toll free

    (866) 990-8640

    ASSISTANT@AllianceFinance.net

     

  • Fannie Mae Flex Modification

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

    Program Highlights

    The Flex Modification leverages components of HAMP, the Fannie Mae Standard and Streamlined Modifications. Highlights include:

     

     The Fannie Mae 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: o 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. o For borrowers 90 or more days delinquent, the program targets a 20% payment reduction and requires no borrower documentation.

    Overview of the program "Lender Letter LL-2016-06"

    Fannie Mae is introducing a new mortgage loan modification jointly developed with Freddie Mac at the direction of the Federal Housing Finance Agency. The Fannie Mae Flex Modification combines features of the Fannie Mae HAMP, Standard Modification, and Streamlined Modification, and is intended to replace Standard and Streamlined Modifications as of the effective date provided below. The Fannie Mae 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 Fannie Mae Flex Modification which will target a 20% payment reduction and a 40% Housing Expense-to-Income (HTI) Ratio. Borrowers with mortgage loans 90 or more days delinquent are not required to submit a BRP and will be evaluated for a Fannie Mae Flex Modification which will target a 20% payment reduction. Effective Date The servicer is encouraged to implement the policies in this Lender Letter as early as March 1, 2017; however, the servicer must begin evaluating borrowers for the Fannie Mae Flex Modification no later than October 1, 2017. Once implemented, the servicer must offer the Fannie Mae Flex Modification to all eligible borrowers according to the requirements in this Lender Letter and not evaluate borrowers for a Fannie Mae Standard or Streamlined Modification. Date of Servicing Guide Update The policy changes in this Lender Letter will be reflected in the October 2017 update of the Servicing Guide. This Lender Letter covers the following requirements for the Fannie Mae Flex Modification:

     

     Documentation Requirements

     

     Determining Eligibility for a Fannie Mae Flex Modification

     

     Determining Eligibility for a Fannie Mae Flex Modification for a Texas Section 50(a)(6) Mortgage Loan

     

     Obtaining a Property Valuation

     

     Performing an Escrow Analysis

     

     Determining the Fannie Mae Flex Modification Terms

     

     Calculating the Housing Expense-to-Income Ratio

     

     Offering a Trial Period Plan and Completing a Fannie Mae Flex Modification  Soliciting the Borrower for a Fannie Mae 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

  • Quality Customer Service

    Experienced mortgage professionals on stand by

    Unlimited Customer Service Support

    Our clients can contact the customer service support staff for questions pertaining to their case.

    Experienced Mortgage Professionals

    Experience mortgage loan underwriters are assigned to every case to negotiate with opposing party and/or to stop and delay foreclosure proceedings.

     

     

  • Common Pitfalls

    Don't fall for common traps

    Non-Professional

    “I’ll do it myself” is the most common response by all homeowners behind on their mortgage payment. Lenders encourage this behavior. However, net present value (NPV) calculations and debt to income (DTI) ratio calculations must be very specific in order for you to qualify. Lenders have also been accused in the past of finding reasons to deny homeowners loan modifications.

    Premature Sale

    Sometimes homeowners behind on their mortgage are encouraged to simply sell their home when they’re behind on payments. However it can often be very lucrative for you to keep your home through mortgage litigation and start making a new lower mortgage payment or simply utilize the home for an investment property. Mortgage litigation can also buy a significant amount time in the property by delaying foreclosure..

    Premature Bankruptcy

    Although Bankruptcy can stop a foreclosure sale date it will NOT restructure your loan. It merely sets up a repayment structure, whereby you pay your current payment to your lender, and also a second payment to the potential trustee for the many years of back payments you owe. It may not be a permanent solution in your situation, but at times a delay tactic.

    Past Due Arrears

    Foreclosure is scary and is usually a process homeowners are entirely unfamiliar with. The anxiety can lead a homeowner into finding all possible means to pay back the entire past due arrears directly to the lender. Before jumping to this conclusion you should consult with professionals. Professionals can often negotiate the elimination of lender servicing fees and penalties when obtaining a reinstatement quote. It’s also possible to capitalize all past due arrears and start off with a fresh payment through mortgage litigation.

  • How it works

    Our process is tailored for you

    Bank Ready Package

    • Your faxed document includes a cover sheet from your name, address and phone number
    • The first page of your documents package contains a list of all of the documents included with your proposal
    • A Lender's Checklist page for confirming that you've submitted all of the required documents
    • Your written proposal detailing your reason for claiming hardship, and how you can afford to keep your home under better terms
    • Lender Income/Expense and Asset/Liability worksheets
    • If self-employed, your current Profit & Loss Report, which we will be copied to Quickbooks
    • Lender Financial Hardship checklist
    • IRS Form 4506-T

    Our Bank Package

    In addition to the concise documentation we provide in our standard package plan, we can further strengthen your case by including a professionally written and composed letter of hardship, and additional supporting documents including:
     

    Letter of Hardship

    Lender Specific Financial Statement

    Request for Transcript of
    Tax Return 4506-T


    Freddie Mac 1126 Financial Statement (if applicable)

    What will need from you

    • Current Mortgage Statements
    • Copies of all delinquency Notices of Default
    • Most recent tax returns
    • Last 2 months pay stubs
    • Last 2 months bank statements
      (complete)
    • Current profit & loss statements
      (if self employed)
    • Latest property tax statement
      (if not escrowed)
    • Proof of Insurance
      (if not escrowed)
    • Copy of your Driver's License

    Net Present Value Calculation

    • The NPV formula contains secret ingredients, so it's hard for delinquent borrowers to influence the results when seeking a loan modification. But there are a couple of things you can do.
    • If you are determined to remain in the home, say so. Make it loud and clear that you don't want to lose your home, and explain why. Maybe you live near your aging parents, who need your care-giving, or you would be intensely embarrassed by foreclosure. Enlist the aid of a nonprofit housing counseling agency to craft a hardship letter.
    • The federal government's home value projections are updated at the beginning of each quarter. There's a slim chance that the numbers could change in your favor from one quarter to the next, so if you are turned down for a mortgage modification, you might try applying again the following quarter (if it's not too late).

    Net Present Value Calculation

    • The NPV formula contains secret ingredients, so it's hard for delinquent borrowers to influence the results when seeking a loan modification. But there are a couple of things you can do.
    • If you are determined to remain in the home, say so. Make it loud and clear that you don't want to lose your home, and explain why. Maybe you live near your aging parents, who need your care-giving, or you would be intensely embarrassed by foreclosure. Enlist the aid of a nonprofit housing counseling agency to craft a hardship letter.
    • The federal government's home value projections are updated at the beginning of each quarter. There's a slim chance that the numbers could change in your favor from one quarter to the next, so if you are turned down for a mortgage modification, you might try applying again the following quarter (if it's not too late).
  • Customer Testimonials

    "Helped us stay in our home and reduced our payment down $770.73. Wow!!! what a huge start with your help. Looking forward to continuous help with the process with your company to help us now to work on reducing our principal of our loan."

     

    -- Cynthia D. Siller

    Customer Testimonials

    "Whatever you do… Don’t lose hope!!! this company can help you! It helped me and i know it can help you too."

     

    -- Luis Medina

  • Mortgage Calculator

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    Call us toll free

    866-990-8640

     

    ASSISTANT@AllianceFinance.Net

     

     

     

    468 N Camden Dr # 200
    Beverly Hills, CA 90210