Helping Homeowners Save Their Homes
The foreclosure prevention coalition put together with the Bush administration’s support, claims dramatic success in helping at-risk mortgage borrowers stay in their homes. Hope Now says that the group has reworked more than 1 million mortgage loans since July.
But of those borrowers, only 278,000 actually saw the terms of their mortgages modified. Their lenders either froze or reduced their interest rates, and may have reduced their balances as well to make loans more affordable.
The remaining home owners were put on repayment plans, which merely allow borrowers to make up missed payments by tacking them on to the life of the loan. Critics argue that this does little to make to make mortgages any more affordable for hard-pressed borrowers.
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