Fannie Mae has released Announcement 09-25 titled, "Trial Period Guidance for the Home Affordable Modification Program".

Introduction

In Announcement 09-05R, Reissuance of the Introduction of the Home Affordable Modification Program, HomeSaver Forbearance™, and New Workout Hierarchy, Fannie Mae announced the eligibility, underwriting and servicing requirements for the Home Affordable Modification Program (HAMP), a uniform loan modification process that requires a trial period for the borrower to demonstrate the ability to make payments under the modified terms prior to the effective date of the modification. This Announcement provides additional guidance on the commencement of the trial period; a new option with respect to the commencement of the modification; and updates and clarifications to the reporting requirements for the trial period, loan set up, and modification. The policies outlined in this Announcement update Announcement 09-05R. 

To view the Announcement in its entirety, please click here

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.