Mon - Fri: 9AM - 5PM

Streamline Modifications

What is a Streamline Modification?

The key feature of a Streamline Modification is that borrowers do not have to document an eligible hardship or their income to be qualify for a Streamlined Modification. This is different from HAMP and other loan modification programs.

Do I qualify?

Under the Streamlined Modification Initiative, mortgage servicers are required to send you a letter offering you a modification if you meet all the following criteria:

  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac.
  • You are 90 days (3 months) to 720 days (24 months) delinquent on your mortgage.
  • You have a first-lien mortgage that is at least 12 months old.
  • Your loan-to-value ratio is equal to or greater than 80%.

Loans that have been previously modified two or more times are ineligible for the program. Strategic defaulters are also excluded. (FHFA, Fannie Mae and Freddie Mac have existing screening measures to prevent strategic defaulters from taking advantage of the program.)

Second homes and investment properties are eligible to participate.

Do I accept or reject?

Accepting a streamline modification is tempting and in some circumstances it might be best your best solution. Remember though, no affordability calculation has been done by the lender on this particular modification. In most cases a BETTER DEAL can be obtained further lowering your monthly mortgage. It is advised that you thoroughly review your situation with a knowledgeable attorney or housing counselor to determine the best solution for you.


The Law Office of Heath J. Thompson, P.C. has over 10 years of experience negotiating mortgage modifications.   The staff of Heath J. Thompson, P.C. can review your individual situation to help you determine what is the best option for you. The attorneys of Heath J. Thompson, P.C. always offer FREE CONSULTATIONS so you have nothing to lose.

Contact us today for a free consultation. Click here to schedule an appointment anytime or call our office during the business hours at 757-480-0060.