The U.S. Treasury has ordered a review of all mortgage modification trials set to expire on or before Jan. 31, 2010, as part of the Obama Administration’s efforts to accelerate permanent mortgage relief and rescue more borrowers from foreclosure. This is according to a recently published article.
Administrators of the government’s Home Affordable Modification Program, or HAMP, posted the announcement on its website alerting servicers that they need to “reach out to borrowers.”
“Treasury has been working with servicers to ensure they reach out to borrowers in active trial modifications, collect all necessary documentation from borrowers, make eligibility determinations in a timely manner, and convert eligible borrowers into permanent HAMP modifications,” administrators said in a statement.
Visit here to read the entire blog post on Mortgage Modification Trials
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