More Loan Modification Help On The Way
Again, at least we hope so. This sounds just like the Hope for Homeowners loan which was supposed to help over 400,000 borrowers and the last figure I heard is that it helped 357 people. The Obama Administration is supposed to announce something on it today.
“Like the broader Obama program, the FHA plan seeks to reduce mortgage-related payments to 31% of monthly income. But it gets there in a different way, by focusing on changes in the principal amount rather than the interest rate.”