Monday, January 17, 2011
Major changes to Mortgage Rules.
Finance Minister Jim Flaherty announced major changes to mortgage rules effective in 60 days. Amortization period reduced to 30 years from 35 years. Further, Canadians can only refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. The other change, Flaherty has withdrawn government insurance backing on lines of credit secured by homes.
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A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan which allows the loan to be reinstated and results in a lower payment the homeowner can afford.
ReplyDeletewhat is a loan modification california