“Servicers can also reduce the loan balance to achieve these affordability levels.”
Also, what’s the cost to foreclose?
“Only loans where the cost of the foreclosure would be higher than the cost of modification would qualify”
Oh, as if modifying it isn’t enough.
“Homeowners, meanwhile, will get up to $1,000 a year for five years if they keep up with payments. The funds will be used to reduce their loan principals.”
