Your One Stop Resource for Saving Money.
Lenders, administration meet about mortgage loan modification program - Bills.com News
Bills.com News > Mortgage > Lenders, administration meet about mortgage loan modification program
Lenders, administration meet about mortgage loan modification program
Thursday, Jul 9, 2009
The efforts center on the administration's Making Homes Affordable (MHA) program, which aims at giving homeowners the chance to get loan modifications. The administration wants to get 500,000 loan modifications by November 1 of this year.
Thusfar, the program has managed to begin 200,000 trial loan modifications. According to reports, administration officials managed to getmortgage lenders to agree to try and achieve the goal of 500,000 loan modifications.
"Today's meeting was an opportunity to identify ways to accelerate the program and bring relief faster," U.S. Treasury Secretary Timothy Geithner said.
The
MHA program was announced in February of this year and implemented in March with the goal of helping 4 million people who are facing foreclosure on their homes. The program was recently expanded to include those whose first mortgage is worth 125 percent
more than the value of their property. The original limit was 105 percent.
As the government continues to help people refinance mortgages, the Mortgage Bankers Association stated recently that home refinancing applications saw a 10.9 percent drop.
Also, make sure to get a free financial health check-up with Bills IQ!
As the government continues to help people refinance mortgages, the Mortgage Bankers Association stated recently that home refinancing applications saw a 10.9 percent drop.
Also, make sure to get a free financial health check-up with Bills IQ!
Information provided by Bills.com is for general informational purposes only and is not be
construed as legal, financial, bankruptcy, tax or other professional advice. Should you
require more detailed information or specific professional advice tailored to your situation you
should consult an attorney, financial planner or tax advisor.
While we believe all information provided by Bills.com to be accurate as of the date of its posting, we cannot ensure its accuracy. Use of this site and any information contained on or provided through this site is provided without any representations, warranties or guarantees. Bills.com is not responsible or liable for any decisions or actions anyone may take based on the information provided. Please see Terms of Use.
While we believe all information provided by Bills.com to be accurate as of the date of its posting, we cannot ensure its accuracy. Use of this site and any information contained on or provided through this site is provided without any representations, warranties or guarantees. Bills.com is not responsible or liable for any decisions or actions anyone may take based on the information provided. Please see Terms of Use.
© 2006 - 2010Bills.com LLC. All Rights Reserved.