Jessica Holzer at The Wall Street Journal today covered the just-released new set of incentives for mortgage servicers to help homeowners with unfavorable terms in their mortgage contracts. For someone with debt, this list can be used in mortgage renegotiation discussions over the phone in order to alert your lender to their new “wiggle room” for renegotiation in order to meet their interests as well as yours. Here’s a brief summary of Holzer’s main points regarding mortgages:
- The federal goverment will now pay mortgage servicers $500 upfront and $250 per year for three years if they complete the modification of a second mortgage, including home equity loans.
- Bank of America, Wells Fargo, JPMorgan Chase have already signed up for the program.
- there will be a $2500 upfront payment to servicers that refinance mortgage holders into the program.
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