The President's Mortgage Modification Program
The Treasury Department announced JPMorgan Chase, Wells Fargo, Citigroup and GMAC Mortgage are among the loan servicers that will be getting subsidy and incentive payments which will helping up to 9 million borrowers stay in their homes.
The two-part plan calls for servicers to reduce monthly payments to no more than 31% of eligible borrowers' pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity. The government is allocating $75 billion to subsidize part of payment reduction, as well as provide thousands of dollars in incentives for servicers and borrowers to participate.
See more at the original CNN article.
The two-part plan calls for servicers to reduce monthly payments to no more than 31% of eligible borrowers' pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity. The government is allocating $75 billion to subsidize part of payment reduction, as well as provide thousands of dollars in incentives for servicers and borrowers to participate.
See more at the original CNN article.
1 comments:
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