Announcement: FLEX Modification Program Implemented October 2017

Mandatory implementation of the FLEX Modification Program is set to begin on October 1st, 2017. Here is what you need to know.

What Is the FLEX Modification Program?

The FLEX Modification Program targets home loans that have not yet been modified or those home loans that were previously modified but borrowers defaulted on them and now are behind on their mortgage. This new program has expanded the eligibility criteria; it allows for higher and lower income applicants to be eligible for a reduction in payment. For borrowers 90 or more days delinquent, the program targets a 20% payment reduction and requires no borrower documentation.

The program offers borrowers principal forbearance (reduction) of up to 30% of the unpaid principal balance with a target loan-to-value of 80%-100% based on your current property value. Other potential benefits include a reduction in interest rate, the conversion of an adjustable rate mortgage into a fixed rate loan and an extension of your loan term to 40 years, all of which reduce your monthly payment.

How We Can Help You

Our attorneys can:

  • Review your situation and help you decide whether a FLEX Modification Program makes sense for you.
  • Review your documents and handle the closing of the loan.
  • Explain to you how you can tell if a mailing offering refinancing is legitimate.
  • Tell you if the terms and features of the offer are regulated under FLEX Modification Program.
  • Tell you the kinds of costs and information you can expect from a lender.

What to Bring to Your Free Consultation

  • Mortgage statements
  • Paystubs
  • Bank statements
  • Utility bill or credit card bill
  • Signed tax returns for the last two (2) years
  • Driver's license or State Identification card
  • Any letters you may have received in the mail from Cabanillas & Associates, P.C.