Here are some proposals under the new plan
- lenders would grant three months forbearance to homeowners who are out of work
- require mortgage servicers to consider cutting a loan's principal if it is up to 15% more than the home is worth
- principal would be reduced over three years as long as the borrower stays current on payments.
- Servicers will get more incentives — double the amount the government now pays to lenders — if they reduce the unpaid balance of second loans
PrivoCorp has been processing conventional and FHA mortgage loans right through the sub-prime crises and now through the lean job growth market.
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