Freddie Mac and Fannie Mae have directed their network of providers to suspend foreclosures and evictions proceedings from November 26th, 2008 thru January 9, 2009. The Streamlined Modification Program is scheduled for December 15th allowing delinquent borrowers who qualify to re-negotiate the terms of their loans to lower payments to no more than 38% of borrowers gross income.
Eligibility is determined by several factors: Homeowners must be 90 days or more late in their mortgage payments, owe at least 90% of their home's current value, live in the home on which the mortgage was taken and have not filed for bankruptcy.
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