Friday, January 29, 2010

Mortgage modifications with cash payments to homeowners?

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New Treasury provisions aren't carved in stone, but they could include direct cash assistance to home owners or a grace period allowing home owners to postpone payments.

by Broderick Perkins
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Deadline Newsroom - The Treasury Department may be planning to give home owners direct cash assistance or postponed mortgage payments as a way to address lenders' reluctance to reduce the principal during a mortgage modification.

As of December, only about 100,000 of a potential 4 million eligible home owners are enjoying permanent mortgage modifications that have reduced their mortgage payment by an average $500 a month, according to the Treasury. Another 750,000 home owners have trial modifications with the same average mortgage payment reduction.

New Treasury provisions aren't carved in stone, but the New York Times recently reported that they could include direct cash assistance to home owners or a grace period allowing home owners to postpone payments, along with reduced paperwork and faster processing by banks.

"Loan modifications with principal reductions should be the norm. The banks could easily solve the problems and keep stability in family neighborhoods," said Mark K. Hicks, broker/owner of Seabrooke Group in Campbell, CA.

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