Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

February 13, 2009

Federal Aid to Mortgagees on Horizon?

by @ 12:59 pm. Filed under Real Estate, Current Events

Now that the big Federal stimulus package is through Congress (all that’s apparently needed is a formal vote today with the President expected to sign the bill on Monday), the next object of the Federal government’s attention should be home mortgages which are what precipitated the global financial collapse in the first place. According to a Reuters story on www.boston.com, the proposal now taking shape would establish standards for loan modification based on the percentage of gross income being paid monthly on a mortgage. Currently the guideline is 38% (if you’re paying more than that, you’re eligible for assistance). The new plan would reduce that percentage. Also, modifying the loan would not be optional by the lender. If the borrower was within the “qualifies for help” zone, a new appraisal of the property would be conducted and the loan would be modified to reflect the current fair market value of the property. Sounds like a good time to be an appraiser.

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