Fannie Mae Announces MyCity Mortgage Modification Now Includes Cook County
Fannie Mae announced an update to MyCity Mortgage Modification. Starting today, properties located in Cook County may qualify for this type of loan modification.
The Mortgage Servicing Guide announcement SVC-2014-22 replace Fannie Mae’s Servicing Guide Manual D2-3.2-11 MyCity Modification as well as F-1-20, Processing MyCity Modification guidelines. The announcement discusses in detail the following points:
Determining Eligibility for a Fannie Mae MyCity Modification
Performing an Escrow Analysis
Evaluating a Borrower Whose Mortgage Loan Is Current or Less Than 90 Days Delinquent
Evaluating a Borrower Whose Mortgage Loan Is Equal to or Greater Than 90 Days Delinquent
Determining the Fannie Mae MyCity Modification Terms
Soliciting a Borrower Whose Mortgage Loan is Equal to or Greater Than 90 Days Delinquent
Offering a Trial Period Plan and Completing a Fannie Mae MyCity Modification
Processing a Fannie Mae MyCity Modification for a Mortgage Loan with Mortgage Insurance
Handling Fees and Late Charges in Connection with a Fannie Mae MyCity Modification
Handling a Default on a Fannie Mae MyCity Modification
Now, aside from the City of Detroit and Michigan, properties located within Cook County, with a value of less than $250K, who are occupy and carry a conventional mortgage loan may qualify for this type of modification.
Full details SVC-2014-22: https://www.fanniemae.com/content/announcement/svc1422.pdf
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