Free Bees for Delinquent Borrowers Thanks to the FDIC

In a blog report by Dan Caplinger he brought attention to more help that the FDIC/Federal Deposit Insurance Corporation would be bringing to current mortgage delinquent borrowers all over the nation. It appears in Dan’s report that “thousands of IndyMac borrowers who are delinquent or in default on their mortgage loans could expect to see their loan terms modified in the near future.” It appears that the target purpose of this mortgage modification is to make the mortgage payments affordable to these borrowers to help make these loans what are called “performing loans”.
The cap rate on these modification loans will be 6.5%, and for those borrowers that can’t afford the payments at even the 6.5% rate, there will be additional opportunities for them where the rate will start off even lower, but over the short future rise back to that 6.5%.
We’ll see how this turns out. It always seems like the relief opportunities that come out come with strict guidelines that cut the majority of the needing population out on qualification points.