Help coming to homeowners behind on their mortgages - WNCT

Help coming to homeowners behind on their mortgages

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WASHINGTON -

Homeowners who are more than 90 days behind on their mortgage could soon be getting some much needed help.

Starting this week, borrowers with mortgages backed by Fannie Mae and Freddie Mac will start getting offers from lenders to lower their mortgage payments.

The loans must be at least a year old, but the borrower can't be more than 2 years behind on payments.

Officials won't say how many homeowners will receive the modifications.

The new program is scheduled to last through December 2015.

--- Original Story ---

Market watchers think more home buyers may decide to make a move sooner rather than later.

Mortgage rates posted a big increase this week.

Mortgage buyer Freddie Mac said the a average on a 30-year loan jumped about half a percentage point. That's the biggest increase since April of 1987.

An extra percentage point would cost most homebuyers more than $50 a month for every $100,000 dollars they borrow.

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