The Treasury outlined new guidelines Thursday aimed at streamlining requirements for mortgage relief under the administration's Home Affordable Modification Program launched a year ago.
The guidelines specify that borrowers must provide three items to loan servicers, the companies that collect mortgage payments: a form requesting a loan modification, authorization for the servicer to seek tax information from the Internal Revenue Service and evidence of income, such as two recent pay stubs. Previously, some servicers have asked borrowers to fax in copies of their tax returns. Borrowers sometimes couldn't find the needed tax forms or complained that servicers repeatedly lost material faxed to them.
The previous documentation requirements were "somewhat overwhelming" for some borrowers, says Morgan McCarty, head of mortgage servicing at Regions Financial Corp., a banking company based in Birmingham, Ala. Source WSJ.com january 28, 2010 4:49 P.M. E.T.
If loan modification is not an option and you wish to aoid foreclosure, Call Williams Home Sellers for more info on options. 719-646-2634
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