Hundreds of thousands of struggling borrowers could be in for a pleasant surprise: a quick and easy way to get their mortgage payments back on track. Streamlined Modification Initiative will help borrowers that are at least 90 days behind on their mortgage payment through Fannie Mae and Freddie Mack. According to AOL Real Estate. com The initiative won’t require borrowers to file out any paperwork, they will just have to make the new payment for the trial period of three months and then the modification becomes permanent. Is going from a 30-year mortgage to a 40-year mortgage the best way for you in the long run?