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  • Loan Modification Agreement Single-family Fannie Mae Uniform Instrument (form 3179)

Get Loan Modification Agreement Single-family Fannie Mae Uniform Instrument (form 3179)

INSTRUCTIONSLoan Modification Agreement SingleFamily Fannie Mae UNIFORM INSTRUMENT (Form 3179)Type of InstrumentInstrument Revision Date Modification Agreement1/01 (rev. 4/14)Instrument Last ModifiedSummary.

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The modification is a type of loss mitigation. The modification can reduce your monthly payment to an amount you can afford. Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance.

The Fannie Mae Flex Modification offers eligible homeowners mortgage payment relief by extending the term to 480 months and targeting a 20% principal and interest reduction. The modification may also result in a lower interest rate.

The Flex Modification program (FMP) is a conventional loan modification program designed to help homeowners who are experiencing long-term or permanent financial hardship. It can be used as a way to avoid foreclosure.

To be eligible for a Freddie Mac Flex Modification®, the Servicer must ensure that the following Borrower and Mortgage eligibility requirements are met and that the Mortgage is not otherwise excluded from eligibility as set forth in Section 9206.6.

How Flex Modifications Work. The Flex Modification program helps borrowers with a Fannie Mae- or Freddie Mac-owned loan. This program, which replaces the now-expired Home Affordable Modification Program (HAMP) program, is supposed to reduce an eligible borrower's mortgage payment by about 20%.

A loan modification can result in an initial drop in your credit score, but at the same time, it's going to have a far less negative impact than a foreclosure, bankruptcy or a string of late payments.

How to apply for a loan modification Gather information about your financial situation. You'll need to give your lender or servicer everything from tax returns to pay stubs to demonstrate you're experiencing financial hardship and are unable to make your monthly mortgage payments. ... Plan out your case. ... Contact your servicer.

Eligibility Criteria Be 60 days or more delinquent OR, if determined to be in imminent default and that at least one Borrower occupies the property as a Primary Residence, may be current or less than 60 days delinquent.

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© Copyright 1997-2025
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3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232