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According to a Wall Street Journal article Monday, the U.S. Treasury is considering new guidelines for mortgage lenders to follow. Reportedly, these guidelines will give troubled borrowers more time to qualify for the federal program that is aimed at avoiding foreclosures. The proposals make loan-servicing companies that collect payments and handle foreclosures to give borrowers 30 days in order to respond after they are denied a modification of the terms of their loan. During the 30-day period borrowers could appeal the decision and the loan-servicing companies could not put the home on a foreclosure auction. HAMP posts
FeedNew Foreclosure Hurdles
According to a Wall Street Journal article Monday, the U.S. Treasury is considering new guidelines for mortgage lenders to follow. Reportedly, these guidelines will give troubled borrowers more time to qualify for the federal program that is aimed at avoiding foreclosures. The proposals make loan-servicing companies that collect payments and handle foreclosures to give borrowers 30 days in order to respond after they are denied a modification of the terms of their loan. During the 30-day period borrowers could appeal the decision and the loan-servicing companies could not put the home on a foreclosure auction. Treasury program is failing to stem the tide of foreclosures
The U.S. Treasury Department says that 6 million Americans face foreclosure in the next three years.
This number is shocking. What is being done to stem this bloodletting? The Treasury has a program to rework existing mortgages for people who qualify. So far only 360,165 people have had their mortgages reduced through August, up from 235,247 in July.
The Treasury's program is called the Home Affordable Modification Program (HAMP). The program pays cash to servicers to reduce mortgage payments to 31% of a borrowers income.
Continue reading Treasury program is failing to stem the tide of foreclosures
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