Fannie and Freddie’s announced their loan mod program yesterday. To be eligible, a homeowner must:

• have missed three or more payments;
• own and occupy the property as a primary residence;
• have not filed for bankruptcy;
• and be able to have their mortgage modified so their entire mortgage payment, including association dues, if applicable, is no more than 38 percent of their gross income.

The program is due to kick in December 15th.