CNNMoney Reports, Columbia home owners who are at least 90 days behind on their mortgage payments and have a Fannie Mae or Freddie Mac-backed mortgage may receive an offer from lenders to get their mortgage payments reduced.
The program will not require a delinquent Columbia home owners to file any financial paperwork. Participating Columbia homeowners will only need to make the new mortgage payments for a three-month trial period. If successful, the modification then becomes permanent.
Lenders working with the selected Columbia homeowner will reduce a monthly payment by either extending the term of the loan—or by reducing the interest rate. Columbia homeowners could see as much as a $300 difference.
To qualify for the program, Columbia home owners must have a mortgage that is at least 12 months old and they can’t be more than 24 months behind on mortgage payments. Also, the Columbia home owner’s principal balance must be 80 percent or more of the value of their home.
The program is expected to run until Aug. 1, 2015.
Source: “Thousands of borrowers to get mortgage payments reduced,” CNNMoney (July 1, 2013)