The freeze was originally put into place back in November of last year and was done so in order to give homeowners a chance to qualify for the Streamlined Modification Program. The new program is designed to restructure homeowner’s payments based on their income, allowing for more reasonable payments that the homeowner can actually keep up with. The extension has been done to allow additional time for services to attempt to contact all distressed homeowners that qualify for the modification program and attempt to help them.

 

If you are a renter you too will benefit from the extension as well as new programs created by Fannie Mae. The recently announced program is named National REO Rental Policy and it will allow renters who have valid leases and are up to date on their rent to stay in their home, even if the landlord has been foreclosed on.