Home equity loans, and more reading
Lenders will look at the debt to income ratio of customers to determine who is eligible for a home mortgage loan modification. In some cases, debt counseling will be required. Banks may also give rewards to those who continue to pay their mortgage bills on time after a loan modification. The government will give lenders monetary incentives for modified loans, as well as for those customers who keep their mortgages in good standing. There will need to be proof that consumers will realistically be able to make their payments if their mortgages are adjusted.