Borrowers, who do not miss payments under the new modified terms, are eligible for as much as $5,000 in reduction of principal on their current loan, to help rebuild, home equity.
By Susan V. Gregory Homeowners facing financial hardship may qualify for help on their second mortgages with the federal loan modification plan enacted by President Obama. The very aggressive loan workout program is aimed at reducing mortgage payments so that borrowers can avoid foreclosure and stay in their homes. This plan is extended to include [...]