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Rule affects foreclosures program -

Published on Thursday, January 28, 2010
By LESLIE BERKMAN


In a step that will let people learn sooner if they are eligible for a federal mortgage modification that could save their home from foreclosure, the Obama administration Thursday said it will require loan servicers to qualify applicants before putting them in a trial mortgage modification program.

Under the government's Making Home Affordable program introduced early last year, mortgage servicers could put homeowners in modified loans for a trial period after receiving only verbal information from homeowners about their financial situation.

Nonprofit housing counselors complained that because loan servicers routinely have delayed more in-depth evaluation of a homeowner's eligibility, such as a review of pay stubs and other records, some applicants diligently have made trial mortgage payments for months only then to be told they don't qualify   Read Full Article...

 
 

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