All articles tagged with #loan modification
NPR is investigating 'zombie second mortgages,' which are old loans that homeowners believed were resolved but are now being pursued by debt collectors, sometimes in violation of state and federal laws. Homeowners affected by these practices are encouraged to share their experiences with NPR to help understand the issue's scope.
The Federal Housing Administration (FHA) has proposed a new home retention option, the Payment Supplement Partial Claim, to help struggling homeowners meet their mortgage obligations. The option would allow mortgage servicers to use the FHA Partial Claim to bring a borrower’s mortgage current and provide temporary reductions to their monthly mortgage payments for up to five years. The proposal comes as the effectiveness of some of FHA’s existing loss mitigation options has been limited by rapid and steep interest rate increases. Homeowners experiencing a hardship who are unable to obtain a significant payment reduction with other loss mitigation options can keep their existing interest rate and reduce their monthly payment temporarily using funds from the FHA Partial Claim.