How To Modify A Mortgage | Loan Mod Secrets | Loan Modification Training | Modify My Loan
It appears that the Fed will be ‘encouraging’ more lenders to adapt to the new FDIC standards for loans mods. The early attempts at loan mods had mixed results. Now that lenders are adopting the FDIC standards expect to see even more governmental support for Loan Mods.
Its becoming increasingly clear that there will be massive pressure on the lenders to do more loan mods. Learn How To Modify Your Own Mortgage,….and How To Become A Certified Mortgage Loan Modification Specialist. Watch This Free Video Now.
From Wall Street Journal…
Add Fannie and Freddie to the list of financial institutions offering troubled mortgage holders a possible way out. The WSJ is reporting that Fannie Mae, Freddie Mac, and U.S. government officials are expected to announce plans today to speed up the modification of hundreds of thousands of loans held by the housing finance giants. (See Fannie, Freddie Work on Mass Loan Modification.)
The effort will target certain loans that are past due and will aim to bring the ratio of household debt to income for these borrowers down to 38%, Damian Paletta reports. It could apply to a broad range of borrowers. U.S.government officials plan to encourage big banks that hold loans in their portfolios to take similar steps.
Some banks already have. The Journal also reported today that Citigroup has unveiled a mortgage modification program aimed at those who are in danger of defaulting on their home loans — but haven’t yet. CitiMortgage is also halting foreclosures for about 16,000 borrowers who are behind on their loan payments but are working with the company on a loan modification.
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