New Hope for Mortgage Relief
Because of the complexity of the mortgage market and the agreement, which will be executed over a three-year period, borrowers will not know right away if they are eligible for relief, Cummings says. Homeowners who need manageable mortgage payments should contact their bank directly to see if they qualify, Cummings suggests, since the settlement requires banks to provide up to $17 billion in principal reductions on first and second mortgages and other forms of loan modifications.
