Thousands May Get Offers to Lower Mortgage Payments

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(KTVI) – Thousands of homeowners could be getting some much-needed help starting next week.

If you’re a borrower with mortgages backed by Fannie Mae and Freddie Mac, you’ll start receiving offers from lenders to lower your mortgage payments.

You must be  at least 90 days behind on payments, but can’t be more than 24 months behind.  The loans must be at least 12 months old.

The effort is called the “Streamlined Modification Initiative.”

The new program is scheduled to last through December 2015. Officials have not said just how many homeowners will receive the modifications.

Freddic Mac Streamlined Modification FAQs Sheet.