Image via Wikipedia By Tami Luhby, senior writerSeptember 23, 2010: 12:11 PM ET NEW YORK (CNNMoney.com) — Unemployed homeowners cannot count jobless benefits as income when applying for mortgage modifications if they have loans backed by Fannie Mae. That could greatly limit their ability to get a long-term reduction in their monthly payments. Because the [...]
By Tami Luhby, senior writerSeptember 24, 2010: 4:49 PM ET NEW YORK (CNNMoney.com) — Banks have been ramping up their mortgage modifications, helping out troubled borrowers who can’t qualify for President Obama’s foreclosure-prevention program. Too bad these homeowners redefault at more than twice the rate. Nearly 11% of mortgages modified under the government’s Home Affordable [...]
