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NEW MORTGAGE LOAN MODIFICATIONS FOR IN-TROUBLE HOME LOANS
It was the hopes of Congress, Realtors, Mortgage Lenders and recent home borrowers that the program instituted by HUD on October 1 would rescue many of the 400,000 homeowners who are in trouble with their home loan lenders.
Interestingly, though, almost two months later, very few have taken advantage of the plan.  I suspect that's because it is a voluntary program on the lenders' side.
So earlier this week, the Bush administration signed into law a modification of the program with the hopes it would bring thousands under its umbrella.
The modifications will:
allow lenders to reduce the mortgage principal to 96.5 percent of a home's current market value instead of the current 90 percent writedown; require HUD to make up-front payments to get second lien holders to relinquish their rights to future payments; allow lenders to extend 30-year loans to 40-year loans; and eliminate the requirement for borrowers to undergo a three-payment trial term before being permanently qualified for a mortgage modification.
 
BILL CHERRY, REALTORS
DALLAS
Our 44th Year Selling America!
214 503-8563
800 314-7110
... more

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