Effective July 1st 2013
New options coming for homeowners who want to stay in their homes and avoid Short sales or foreclosures. The key here is your loan must be a Fannie Mae or Freddie Mac backed loan.
Fannie and Freddie will begin implementing sweeping new loan modifications guidelines. Lenders and loan servicers will be required to send a "Streamlined Modification Solicitation Offer" to borrowers who are at least 90 days delinquent and meet the initiative’s eligibility requirements.
See if Freddie Mac Owns Your loan here.
See if Fannie Mae owns your loan here.
It differs from previous efforts: Borrowers will not be required to document their hardship or financial situation, but will be able to accept a “Streamlined Modification Offer” by simply making the trial period payments and agreeing to the terms of the mod.
There are some requirements, one is that you must be 3 months delinquent! I don't really like that but it is the way this program is set up
UPDATE:
It is 2018 now and these rules have changed. There are many things that will be different. If you live in California please go to this website for more information about keeping your home out of Foreclosure.
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