Freddie Mac's Streamlined Modification program had originally been scheduled to start on July 1, 2013.
Under the Streamlined Modification program, servicers are required to send modification offers to borrowers who are at least 90 days, but no more than 720 days, delinquent on mortgages that are at least 12 months old and meet other eligibility criteria.
The modification becomes permanent after the borrower demonstrates their ability to pay making on-time payments during the three month trial period.
The Streamlined Modification offers the same mortgage terms as Freddie Mac's Standard Modification which enables servicers to reduce monthly mortgage payments by adjusting interest rates, extending payment terms to 40 years, and, in certain cases, provide principal forbearance.
Freddie Mac’s Streamlined Modification Program