Supplemental Directive 09-10 Announces a Temporary Review Period for Active Trial Modifications Through January 31, 2010
December 23, 2009, Single-Family Advisory E-mail
The U.S. Department of Treasury (Treasury) has implemented a review period for all active Home Affordable Modification program (HAMP) trial modifications scheduled to expire on or before January 31, 2010, per Supplemental Directive 09-10, Temporary Review Period for Active Trial Modifications Scheduled to Expire on or Before January 31, 2010. This Supplemental Directive is available on HMPadmin.com.
This review period provides Servicers with additional time to process the large volume of mortgages in active trial periods and remain focused on converting eligible borrowers into permanent HAMP modifications. During the review period, Servicers must continue to work to make eligibility determinations, however, they may not cancel an active HAMP trial modification during this time for any reason other than failure to meet the HAMP property eligibility requirements. In addition, Supplemental Directive 09-10 provides requirements to Servicers on their review of the status of borrowers whose trial modification are scheduled to expire on or before January 31, 2010, and on written notification to borrowers about their modification status.
This communication is designated by Freddie Mac as a Purchase Document. Freddie Mac Servicers must follow this Supplemental Directive when servicing mortgages for Freddie Mac.
For More Information
- Review Supplemental Directive 09-10.
- Visit HMPadmin.com for HAMP information, including Supplemental Directives, other waivers, and the HAMP Mortgage Modification Conversion Drive frequently asked questions document.
- Review information for borrowers about the federal Making Home Affordable program on the U.S. Department of Treasury's Web site.
- Visit Freddie Mac's Home Affordable Modification program Web site.