Refinancing Home Mortgage
In: Mortgage Loan| Mortgage Payment| Mortgage Rate| Mortgage Refinance
1 Dec 2009Mortgage pressure rises
The mortgage companies, also known as loan servicers, have had a hard time getting borrowers to complete the needed paperwork for the administration’s loan modification program. Nearly 60% of the 375,000 borrowers who qualify to have their loan modifications completed by year’s end have either submitted incomplete paperwork or none at all.
“Borrowers must understand the urgency of getting their completed paperwork in so they do not miss out on the opportunity for more affordable mortgage payments,” said Phyllis Caldwell, who recently was named to lead the Treasury Department’s homeownership preservation office.
The program, announced by President Obama in February, allows homeowners to have their mortgage interest rate reduced to as low as 2% for five years.
The administration is feeling intense pressure from lawmakers and consumer advocates to speed up progress. As of early September, only about 1,700 homeowners had finished all the paperwork and received a new permanent loan. About one-third of borrowers who have submitted complete applications are still waiting for a decision.
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