Cheap Government Mortgages To Get Pricier

By: AP
By: AP

Mortgage rates that were reduced under the government's Home Affordable Modification Program will increase over the next few years.
A federal watchdog warns that could cause some borrowers to default on their loans.
The increases will impact about 783-thousand homeowners who got mortgages as low as two-percent under the HAMP program.
Modifications were fixed for five years and will now climb to five-point-four-percent.
The increase will have the average homeowner paying almost 200-dollars more a month.
Borrowers in expensive coastal markets could see their mortgage payments climb by as much as 17-hundred dollars. is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards. Comments may take up to 24 hours or longer to appear on the site.

See full commenting rules...
powered by Disqus
WILX 500 American Road Lansing, MI 48911 517-393-0110
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 248536791 -
Gray Television, Inc.