help for home owners: Obama pushing mortgage modification for jobless
- 03/26/10 05:16 AM
Under fire to do more to stop the foreclosure crisis, the Obama administration announced new mortgage modification steps on Friday to help the unemployed and those who are "underwater" with a bigger loan than their home is worth. For eligible unemployed borrowers, the effort would require loan servicers to reduce monthly mortgage payments to 31% or less of income -- or even suspend them entirely, an administration official said. The forbearance assistance would last up to six months, after which the borrower would be evaluated for a loan modification. An administration official declined to comment whether interest or fees would
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