© 2007 - 2009 The Armstrong Brokerage
Commercial - Residential - Income - Land
Representing Sellers and Buyers in Mount Shasta and all of Siskiyou County, California
Member:
Siskiyou Association of Realtors
California Association of Realtors
National Association of Realtors
CA Dept of Real Estate Lic. No: 00635818
Treasury Department to
Minimize Foreclosure Relief Paperwork
The Treasury Department will announce a plan to reduce the burdensome paperwork surrounding the foreclosure relief plan.
Two of the major changes will be:
Lenders will be required to collect two pay stubs at the start of the process.
Borrowers will be required to give the Internal Revenue Service permission to provide their most recent tax returns.
Participating mortgage service companies will be required to acknowledge that they have received a borrower’s application within 10 days and approve or deny the application within 30 days. Borrowers will still be required to make three months of trial payments before the modification is made permanent.
The Treasury is also working on a plane to give unemployed borrowers relief from payments – maybe for six months. Look for an announcement soon.
