New loan modifications for FHA insured loans. Effective, August 15, financially troubled homeowners who have an FHA-insured loan can apply for a modification under a program parallel to “Making Home Affordable” to help lower their payments and avoid foreclosure.
Financially troubled homeowners who have The program, launched in March, is designed to lower monthly payments for 3 million to 4 million borrowers, although only about 200,000 have been helped so far. Lenders agreed this week to adjust 500,000 loans by Nov. 1. Read more…….