As the recession hit, many homeowners had no choice but to seek help from their lenders. One source of help for many in Florida was a loan modification. A loan modification under the Home Affordable Initiative in 2009 helped many people obtain new payment amounts that were much more affordable. However, those were not permanent changes, and many fear what may occur as new rates go into effect and payments again rise to amounts that may be unmanageable.
Lenders do not want to see homeowners struggle to pay. As a way to deal with the possibility of putting homeowners back in a challenging position of financial uncertainty, Freddie Mac has decided to modify some mortgages again. The move to re-modify for some will help those homeowners avoid defaulting again.