Background
loanmodcalc.com is based on the Flex Modification program jointly developed by Fannie Mae and Freddie Mac at the direction of the Federal Housing Finance Agency. Fannie Mae and Freddie Mac are encouraging mortgage servicers to implement the Flex Modification as of March 1, 2017 and requiring its implementation no later than October 1, 2017.

For details, please see Fannie Mae Lender Letter LL-2016-06. Ultimately, a borrower’s ability to qualify for a mortgage modification under any program will depend on each borrower’s application and the mortgage servicer’s review.

Eligibility
In order to calculate a new mortgage payment, we made several assumptions (which may or may not be applicable to the borrower) including:

• Fannie Mae or Freddie Mac owns the loan (check Fannie Mae here and Freddie Mac here).
• The servicer is evaluating borrowers for the Flex Modification. (Alternatively, if the mortgage loan is not owned by Fannie Mae or Freddie Mac, the mortgage servicer is evaluating the mortgage for a modification under the One Mod program).
• The mortgage loan is a conventional first lien mortgage loan.
• The mortgage loan is at least 90 days past due. (Additional requirements must be met if less than 90 days past due).
• The mortgage loan was originated at least 12 months prior to the evaluation date for the mortgage loan modification.
• The mortgage loan is not subject to:
  • a recourse or indemnification arrangement;
  • an approved liquidation workout option;
  • an active and performing forbearance plan or repayment plan;
  • a current offer for another mortgage loan modification or other workout option;
  • an active and performing modification Trial Period Plan.
• The mortgage loan has not been modified three or more times previously, regardless of the mortgage loan modification program or dates of prior mortgage loan modifications.
• The borrower has not failed a Flex Modification Trial Period Plan within 12 months of being evaluated for eligibility for another Flex Modification.
• The mortgage loan did not receive a Flex Modification and become 60 days or more delinquent within the first 12 months of the effective date of the mortgage loan modification without being reinstated.
• Borrower will qualify for the Fannie Mae Standard Modification Interest Rate as published by Fannie Mae.
• Any required borrower documentation has been submitted and approved.

Accuracy of Information
Our calculator can only be as accurate as the information you provide. Failure to provide accurate information or information that cannot be validated will obviously affect the result.

Chapter 13 Bankruptcy
For all comparisons with the “Chapter 13” payment, we assume that the borrower has filed a Chapter 13 bankruptcy and is paying all pre-petition mortgage arrears over the term of a 60-month bankruptcy plan.

*Note: Mortgage modifications are complicated. loanmodcalc.com simply attempts to give the borrower a sense of the type of modified mortgage payment that borrower may be eligible for. WE DO NOT GUARANTEE ANY RESULTS.

loanmodcalc.com is a tool designed to estimate the potential new mortgage payment a borrower may be able to obtain if they qualify for a mortgage modification under Fannie Mae’s and Freddie Mac’s Flex Modification or similar program. It uses data provided by the user and makes several assumptions. Neither loanmodcalc.com (nor the owner of the site) are mortgage servicers. All mortgage modification decisions will be made by your mortgage servicer subject to all applicable laws, rules and regulations.

How This Works
In order to provide you with a quick idea of what your payment could be, we had to make some assumptions about you and your loan (more info). And while the results are very real, ultimately, a borrower’s eligibility for any mortgage modification will depend on many factors and only the borrower’s mortgage servicer can offer and agree to a new payment.

So What’s Next?
To determine if a borrower qualifies for a mortgage modification, the borrower will need to submit a complete and accurate application – forms and documents tailored to the borrower and servicer that detail the borrower’s financial situation.

Login to your DMM Portal account and click the Add Borrower button on the menu to get started. Our easy step-by-step wizard will guide you through the process.

You are being redirected to our affiliated site – www.documods.com – where you will be asked to create a secure account and continue the process of creating your mortgage modification package. Please feel free to call us at 1-800-481-1013 with any questions.