Mortgage Relief Clock Ticking Away
Written by Frank Helderle on March 12, 2014By Dina ElBoghdady, Published: From The Washington Post
Five years after the federal government bailed out more than 1 million struggling homeowners, many who got the relief may end up losing their homes after all.
Already, nearly 30 percent of those who qualified for relief have defaulted again. And roughly 800,000 borrowers who remain enrolled in the government’s flagship program will see their mortgage interest rates gradually rise starting this year — eventually increasing payments by more than $1,000 a month in some cases, according to a recent federal analysis.
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As the higher payments kick in, regulators and consumer advocates fear that homeowners won’t be able to stay current on their mortgages, placing an unwelcome strain on the housing market and potentially on economic growth....READ MORE http://stlshortsale.com/2014/03/mortgage-relief-clock-ticking-away/