The Mortgage Bankers Association wants the Obama administration to amend HAMP so servicers can offer borrowers an option to pay only interest on the mortgage and defer principal payments.
Offering an interest-only option would help get the "payments down to a level the borrower can afford," said MBA president John Courson.
The MBA also wants the White House to tone down expectations for the Home Affordable Modification Program and create a forbearance option for borrowers who become unemployed or suffer a loss of income.
Delinquent borrowers are facing a tough economic situation and have a difficult time making it through the HAMP payment trials to qualify for a permanent modification, said MBA chairman Robert Story. If they become unemployed and cannot make their mortgage payments, they "can't qualify for HAMP," Mr. Story said.
Courson and Story strongly believe that forbearance or deferred payments should be considered. Once the borrower gets a job, the servicer can "move them" into a HAMP modification, said Courson in a press briefing earlier this week.
_______________________
Mortgage Loan Compliance® | The Forensic Loan Audit Company
For A Limited Time Order A $59 Rapid Report Forensic Audits Or A $295 Certified Forensic Compliance Audits.
Call Today 1-866-966-6615 or Visit www.ml-compliance.com
No comments:
Post a Comment