What are the eligibility requirements for a Freddie Mac loan modification?

To be eligible for a loan modification through Freddie Mac, certain criteria need to be met. Firstly, the mortgage must be owned or guaranteed by Freddie Mac, which can be checked by using the Loan Look-up Tool provided on their website. Secondly, the borrower must be experiencing a genuine financial hardship that affects their ability to make mortgage payments. This could include factors like a loss of income, unexpected medical expenses, or divorce. Additionally, borrowers must demonstrate their willingness and capacity to make modified payments and meet the required terms. They should also provide all necessary documentation and complete the trial period successfully, if applicable. Meeting these eligibility requirements allows borrowers to explore loan modification options with Freddie Mac, providing potential solutions to their financial challenges.