HAMP to be replaced with ‘Flex Modification’

Mortgage financing giants Freddie Mac and Fannie Mae announced a new foreclosure prevention program that will roll out next year to replace the Home Affordable Mortgage Program (HAMP), which expires at the end of this month. The new program, called "Flex Modification," will reportedly provide a 20-percent reduction in mortgage payments for eligible borrowers. The program will be implemented by Oct. 1, 2017. Learn more here.