Help for homeowners behind on mortgage payments could be on horizon

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by KMOV.com Staff

KMOV.com

Posted on July 1, 2013 at 5:12 PM

Updated Monday, Jul 1 at 5:20 PM

(KMOV.com) -- This week thousands of homeowners could be getting some much needed help.

Some borrowers with mortgages backed by Fannie Mae and Freddie Mac will start receiving offers from lenders to lower their mortgage payments.

The borrowers must be at least 90 days behind on payments, but can’t be more than 24 months behind.

The loans must be at least 12 months old, and the principal balance must be 80 percent or more of the home’s value.

Officials won’t say how many homeowners will receive the modifications. The new program is scheduled to last through December 2015.

You can see how to apply here.

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