Sentence examples for payment modifications from inspiring English sources

The administration needs to move beyond a policy encouraging mere payment modifications and toward one pushing hard for a renegotiation of principal based on lower, post-bubble values.

By helping borrowers on their second mortgage, the bank said it could help stave off foreclosure, because it made "a reasonable payment through modification more attainable".

"We know from experience that reducing the monthly payment through modification raises the chance that the borrower will make good on the loan," Ms. Bair said at the conference in Virginia.

Ron Calderon, a state senator who represents several communities east of Los Angeles, sponsored a bill that prohibits advance payments for modifications and required lawyers to warn clients that they could do the job themselves without professional assistance.

By reducing borrowers' monthly mortgage payments, such modifications enable borrowers to spend more of their money in other areas of the economy, which helps to spur additional real economic growth, which will result in a faster and more robust recovery for the whole country and which, in the end, is likely also to have a beneficial effect on home prices in the future.

HAMP gives servicers and investors $1,000 incentive payments for permanent modifications, and additional payments each year that borrowers stay current.

HAMP Tier 2 eligibility requires a 10% or greater reduction in monthly principal and interest payments after modification.

She missed her final modification payment by a few days, and the bank canceled it.

(The rest of the money will consist of reduced interest payments and loan modifications).

When the effort was announced nearly a year ago, the administration said it would help as many as nine million at-risk families keep their homes by the end of 2012 — by lower payments through loan modifications, mainly lower interest rates, or by refinancing loans for borrowers who have little or no equity.

Servicing companies would be lured by a $1,000 payment to cover modification expenses, and lenders and investors would be enticed with a guarantee that the government would shoulder 50% of any further losses on modified loans that default again.