Posted on: 03rd Apr, 2004 12:23 am
Government National Mortgage Association (GNMA) is commonly known as Ginnie Mae. It is a government-owned corporation and is a part of the U.S. Department of Housing and Urban Development (HUD). It was created in September 1, 1968, by the Congress. It provides funds for government loans. It serves low-to-moderate-income homebuyers. It guarantees securities backed by mortgages that are insured or guaranteed by other government agencies.
My brother has an FHA loan serviced by Citimortgage and the note is held by GNMA. He is current on his mortgage, but has had to change jobs. The income for his new job is $15,000 lower than his old job and his payment is in excess of 41% of his gross monthly income. He is needing a loan modification of his mortgage terms. Does GNMA allow a loan modification for a hardship case if the mortgage is not current? He has applied for a hardship modification thru citimortgage.