Freddie Mac Implementing Changes to Default Service Requirements

More than likely if you own a home and are making loan payments the mortgage is owned by Freddie Mac.  Your loan through a commercial lending institution was sold to Freddie Mac at some point.  However Freddie does not service loans so they contract out this portion to banks such as Chase, Wells Fargo, etc. For home owners having difficulty meeting their monthly payment obligation there are two federal programs designed to help.  First is the Home Affordable Modification Program and the other is the Home Affordable Foreclosure Alternatives initiative.  Freddie is now changing it's requirements and procedures for service banks to follow to hopefully help reduce the number of foreclosures. For more on the changes go here.