As reported in the New York Times, the Obama Administration is moving forward with plans to expand a mortgage modification program that will help those whose loans are underwater or who are paying a relatively high interest rate. Fannie Mae and Freddie Mac will modify loans that they acquired prior to May 31, 2009. In order to be eligible, a homeowner has to have less than 20 percent equity and has to have made six consecutive house payments. According to the plan, refinancing fees will be reduced or nullified.
StopCollector Blog Authors
Sergei Lemberg
Sergei Lemberg is the principal at Lemberg & Associates, a law firm that defends consumer rights in the areas of fair debt collection law, fair credit law, lemon law, among others. He is regularly labeled by the debt collection industry as one of the “most active consumer attorneys” in the U.S.
Sally Smith
Sally Smith is the former editor-in-chief of several consumer magazines, and has written extensively on issues relating to finance, public policy, and other topics of interest to consumers.
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