New loan modification program aims to lower mortgage payments - WVVA TV Bluefield Beckley WV News, Weather and Sports

New loan modification program aims to lower mortgage payments

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WEST VIRGINIA (WVVA)-- New loan modification program aims to lower mortgage payments for struggling homeowners.

The streamlined modification program set to launch in July requires no documentation of income or financial hardship and would reduce monthly payments by about 30 percent on average.

Borrowers with loans backed by Freddie Mac and Fannie Mae must be at least 90 days delinquent on their mortgage and make three trial payments on time.

The repayment term would be extended to 40 years.

It's important to note though that according to the Federal Housing Finance agency, in most cases, borrowers who provide proof of income and financial hardship can receive a more affordable monthly payment through the home affordable modification program.

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