U.S. Department of the Treasury and White House reveal plans to drive mortgage modifications, today.
The Department of Housing and Urban Development (HUD) will join the Treasury Department in the Mortgage Modification Conversion Drive, a campaign consisting of three main fronts; Servicer Accountability, Web tools for borrowers, and Engagement of state, local and community stakeholders.
According to the U.S. Treasury press release, today, "The modification program, which has helped over 650,000 borrowers, is part of the Administration's broader commitment to stabilize housing markets and to provide relief to struggling homeowners and is a primary focus of financial stability efforts moving forward. Roughly 375,000 of the borrowers who have begun trial modifications since the start of the program are scheduled to convert to permanent modifications by the end of the year."
The Treasury and HUD departments will be responsible for implementing "new outreach tools and borrower resources" in a new effort to drive the mortgage modification process. The Administration's new priority, according to the press release, is to "convert as many trial modifications as possible to permanent ones."
A measure in the Administration's new effort, of particular significance to mortgage servicers is the servicer accountability measure. The servicer accountability measures are crucial to the Administration's "ongoing efforts to hold servicers accountable" and "responsible to borrowers." For more information on the measures to be included, click on the press release.
HUD will additionally take on a large role in the Mortgage Modification Conversion Drive -- in addition to their current heavy, risky lending practices.
"HUD will engage staff in its 81 field offices to distribute outreach tools. HUD will also encourage its 2700 HUD-Approved Counseling Organizations to distribute outreach information to participating borrowers."
More specifically, HUD's priority is to "both increase awareness of the program and expand the resources available to borrowers as they navigate the modification process."
The U.S. Department of Housing and Urban Development has four offices in Florida; Jacksonville, Miami, Orlando, and Tampa. For more information and directions to the Tampa HUD office, click the department's link here.
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