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BIRMINGHAM, Ala. (WIAT) — Thousands of homeowners across the nation could be getting some much needed help beginning this week.
Some borrowers with mortgages backed by Fannie Mae and Freddie Mac will start receiving offers from lenders to lower their mortgage rate payments.
The effort is being called the Streamlined Modification Initiative.
Borrowers must be at least 90 days behind on payments to be eligible, but they can’t be more than 24 months behind.
The loans must be at least 12 months old.
Additionally, the principal balance on the loan must be 80 percent or more of the home’s value.
Officials will not say just how many homeowners will receive the modifications.
The new program is scheduled to last through December of 2015.
Copyright 2013 WIAT-TV CBS 42