According to a news release by Florida Realtors in their newsletter, the administration is planning/attempting to steer delinquent mortgages into mortgage modifications that limit payments to 31% of before tax income. The administration plan seeks to lower payments for troubled borrowers to 31 percent of before-tax income for five years, after which the interest rate on the mortgage begins rising. To read the complete article, go to
https://mail.google.com/mail/?hl=en&shva=1#inbox/1267b7ccbd7b8a92
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