The National Governors Association has recommended national legislation based on North Carolina’s new Home Foreclosure Prevention Program, which took effect last month. [....]
Most borrowers must negotiate individually with their lenders, but the North Carolina program uses a standardized modification proposal for every sub-prime borrower who comes through the program. State officials have proposed a monthly mortgage payment equal to 34 percent of the borrower’s gross income, which could be achieved through a mix of interest rate reductions, longer loan amortization or principal reduction.
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