News

US gov’t eases rules for troubled borrowers seeking to lower monthly mortgage payments

The Federal Housing Finance Agency, which oversees the two government-controlled lenders, says borrowers who are at least 90 days delinquent on their mortgages won’t have to submit financial documents to qualify for a permanent loan modification if they make three on-time payments.

Borrowers may receive more favorable terms on their mortgages if they choose to provide the documents.

By Associated Press, Washington Post