Obama Administration Kicks Off Mortgage Off Mortgage Modification Conversion Drive

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ìEncouraging borrowers to move through the process of converting trial modifications to permanent modifications remains a top priority for HUD,î said HUD Assistant Secretary for Housing and FHA Commissioner David Stevens. ìAs apart of our continuing efforts to improve the execution of the HAMP program, HUD is committed to working with servicers, borrowers, housing counselors and others dedicated to homeownership preservation to improve the transition of distressed homeowners into affordable and sustainable mortgages.î

With tens of thousands of trial modifications being made each week, the Administrationis now working to ensure that eligible borrowers have the information and the assistance needed to move from the trial to the permanent modification phase. (All mortgage modifications begin with a trial phase to allow borrowers to submit the necessary documentation and determine whether the modified monthly payment is sustainable for them.) As the first round of modifications reaches the time to convert, the Administration has identified several strategies for addressing the challenges that borrowers confront in receiving permanent modifications.

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Obama Administration Kicks Off Mortgage Off Mortgage Modification Conversion Drive

WASHINGTON, DC ó The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) Nov. 30, 2009 kick off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgag...

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