Fannie Mae’s Streamline Loan Modification

Fannie Mae just published their guidelines on streamline loan modifications.  It is very interesting and smart.  They adjust your payment for a 3 month trial period.  The key highlights are on page 2 of the link below.  You have to set up a new escrow account and any shortage will be funded by the loan servicer. 

 

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0833.pdf