Loan Modifications at Steady Pace

Since the beginning of the US Federal program to improve home loans into more affordable products for borrowers, about 12 percent of eligible borrowers have taken up the opportunity.

Since March over 360,000 borrowers had received three month trial loan modifications through to August.  If borrowers keep up their payments during the trial period then lenders are to extend the modifications for up to five years.

While the take up of the Federal assistance to borrowers with stressed mortgages has been slow, borrowers should take advantage of this opportunity while they can to ensure that they do not end up in a foreclosure situation.

Comments are closed.