Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

October 20th, 2009

Carlsbad, CA Mortgage Modifications Not as Simple as Originally Hoped

Categories: Foreclosure Prevention, Home Loans, Interest Rates, Market Trends, Sellers

Carlsbad Mortgage ModificationsCarlsbad, CA - According to CNN Money, Half a million people are now in trial modifications under the Obama administration’s mortgage rescue plan, but getting them permanent help is proving to be much more difficult.

The foreclosure prevention plan, is meant to reduce eligible borrowers’ monthly payments to no more than 31% of their pre-tax income.  In order to qualify, a homeowner must make three on-time monthly payments before they can receive a permanent modification. Read the rest of this entry »

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