such as a home equity loan. Second mortgages have complicated government efforts to help borrowers avoid foreclosure. According to the U.S. Treasury Department 张曙光死缓减无期 女干部撑伞嚼槟榔

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Loans In Washington, the Wall Street Journal reports that the Obama administration has unveiled a fresh set of incentives Tuesday for mortgage servicers to help strapped U.S. homeowners. Under a new program, the government will pay mortgage servicers $500 up front and $250 a year for three years for successfully modifying a second mortgage, such as a home equity loan. Second mortgages have complicated government efforts to help borrowers avoid foreclosure. According to the U.S. Treasury Department, up to 50% of at-risk mortgages have second liens and many properties in foreclosure have more than one lien. Senior administration officials Tuesday told reporters they expect a significant amount of big banks to sign up for the updated federal program to bring relief to troubled homeowners. Once those firms sign necessary contracts, they’ll generally be obligated to modify second liens when they’ve initiated a loan modification on the first, the officials said. They also noted that the second lien program will be funded by the $50 billion in Troubled Asset Relief Program, or TARP, funds the administration had already projected to use for home affordability efforts. Additionally, the administration unveiled a schedule of incentives for holders of second mortgages to extinguish those liens voluntarily. The administration also announced a set of incentives for servicers and lenders participating in the Hope for Homeowners foreclosure prevention program, which aims to restore homeowners’ lost equity by encouraging lenders to write down loan principal. The administration said it will take steps to incorporate Hope for Homeowners into its mortgage loan modification program. Servicers will be required to determine eligibility for a Hope for Homeowners refinancing and where it proves viable, the servicer would need to offer this option to the borrower. While participation in the Hope for Homeowners program has been dismal, administration officials said they’re expecting strong investor interest as the program is wrapped into the broader federal loan modification program. The administration also said it supports legislation to strengthen the Hope for Homeowners program so that it can function effectively as a key part of the administration’s new housing mortgage mediation efforts. "With these latest program details, we’re offering even more opportunities for borrowers to make their homes more affordable under the administration’s housing plan," Treasury Secretary Timothy Geithner said in a statement Tuesday. "Ensuring that responsible homeowners can afford to stay in their homes is critical to stabilizing the housing market, which is in turn critical to stabilizing our financial system overall." During a conference call, senior administration officials said they are continuing to work on key elements of the president’s plan to stem foreclosures and agencies will be developing more details and guidelines going forward. About the Author: Mitigation Online Consultants, are a team of highly skilled professionals who have been trained and experienced in the real estate, mortgage banking and financial services industries.Here at Online Mitigation Consultants we specialize and focus on the two types of mitigation: Loan modification and Deed in Lieu of Foreclosure. if any more detail pl visit this site "" Article Published On: – Loans 相关的主题文章：