By Lisa Prevost
Homeowners who have fallen behind on their mortgage payments should check their mail carefully in coming weeks. Lenders will be offering loan mmodifications without even being asked.
Under a new Streamlined Modification Initiative announced by the Federal Housing Finance Agency, mortgage servicers must now offer borrowers who are 3 to 24 months delinquent a plan to help avoid foreclosure.
“All it takes is for the borrower to make that new payment and they’re in the trial period of the program…It can’t be any more simple than that. There’s not even a requirement that you sign something, send it in and have it approved.†Timothy M. Dwyer, the chief executive of Entitle Direct.
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