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Interest Only Loans For Homeowners? - Lenders Push To Include In Modifications
 Interest Only Loans For Homeowners? -
Lenders Push To Include In Modifications
The news this week is that banks will begin to push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the initiative while recognizing concern that it may only postpone defaults.
This plan is part of a new round of ideas and plans to refine the $75 billion "Home Affordable" program, announced in February as a bid to rework as many as 4 million loans. The program's latest phase also is marked by a need to permanently convert more than 500,000 trial modifications by collecting paperwork so consumers' mortgage payments don't revert within months. See last week's article for information about efforts that even include going door to door to reach borrowers.
In addition, the Treasury will soon announce details of a program to encourage short sales of properties by homeowners who don't qualify for modifications. It will include "capped" payments to retire second mortgages that may form an "industry standard" and help curb the "back and forth" with owners of that debt which creates one of the biggest hurdles.
Furthermore, under the current federal program, ... more

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