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Loan Modification

: Loan Modification & Home Loan News

Obama to revamp foreclosure assistance plan and help the unemployed

By Moe Bedard

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The Obama administration plans to overhaul how it is tackling the foreclosure crisis, in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed, senior officials said Thursday. Banks and other lenders would have to reduce the payments to no more than 31 percent of a borrower’s income, [...]

Full post as published by Loan Modification & Home Loan News on March 26, 2010 (boomark / email).

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