Loan Modification Update
Will the government really get banks to give more help? I guess we will see starting November 1st.
“ A government loan refinancing program is on pace to offer help to three to four million homeowners over the next three years, the Treasury Department reported on Tuesday. U.S. loan servicers have begun modifying more than 230,000 loans for troubled homeowners on the verge of foreclosure, according to the report. More than 400,000 modification offers have been extended by loan servicers. The government in March launched a program to provide $75 billion in funds to loan servicers to assist them in modifying loans. The Treasury department hopes to have 500,000 loan modifications started by Nov. 1. The Treasury in March said it had hoped to modify three to four million home loans within the next three years, the amount the department says it is on track to meet.”