Mortgage rate and how to learn more
In many instances, sessions with a financial counselor will be mandatory. Consumers who receive mortgage adjustments may also receive incentives for making their payments on time. To encourage lenders to offer mortgage modifications, the government will provide them with $1000 for every loan modification and additional funds when customers stay current on their loans. There will need to be proof that consumers will realistically be able to make their payments if their mortgages are adjusted. Modifications will not be offered to those who clearly will not be able to afford a mortgage, regardless of adjustments.