Mortgage Matters: The Streamlined Modification Initiative

In spite of a decade characterized by nearly every housing catastrophe possible under the sun becoming a reality, the Federal Government is giving their replenishment efforts another powerful go with the “Streamlined Modification Initiative”. Going into effect on July 1st, the initiative itself will allow “eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage without requiring financial or hardship documentation” (http://1.usa.gov/Yf9oA5). The biggest impact of this will be helping slightly disadvantaged borrowers maintain their status of home ownership, while similarly extending the life of their payments.

Read More