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Freddie Mac MyCity Modification

The Freddie Mac MyCity Modification (MyCity Modification) is a temporary offering established under the Neighborhood Stabilization Initiative, which Freddie Mac and Fannie Mae have developed at the direction of the Federal Housing Finance Agency in an effort to stabilize communities that have been hardest hit by the housing crisis. The MyCity Modification provides eligible borrowers with up to a 60% reduction in their monthly principal and interest payments.

The MyCity Modification is only available for mortgages located within the City of Detroit, Michigan, and Cook County, Illinois.

Effective Dates

Servicers are encouraged to implement the MyCity Modification earlier than the effective dates listed below, if they’re operationally able to do so.

  • For mortgages located within the City of Detroit, all borrower evaluations conducted on or after September 1, 2014.
    • Please Note: Revised requirements announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-25 are effective for evaluations conducted on or after April 1, 2015 (see Guide Bulletins below for additional details).
  • For mortgages located within Cook County, all borrower evaluations conducted on or after April 1, 2015.
  • MyCity Modification Trial Period Plan Effective Dates must be no later than December 1, 2016 for both the City of Detroit and Cook County.

Please read Guide Bulletin 2014-25 for detailed information on the MyCity Modification, including:

  • Eligibility and Borrower Documentation
  • Evaluation Hierarchy
  • Processing and Reporting
  • Borrower Solicitation

Guide Bulletins

Single-Family News Center Articles

  • December 18, 2014 – Guide Bulletin 2014-25 Announces MyCity Modification Expansion
  • June 18, 2014 – Guide Bulletin 2014-11 Introduces the MyCity Modification

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