Cedar City Info

Mulling changes to mortgage relief. The Treasury may institute new guidelines for mortgage lenders that would give distressed borrowers more time to qualify for a federal foreclosure-prevention program. The proposal would give borrowers 30 days to respond after being denied a modification of their loan terms under the Home Affordable Modification Program. During that time, borrowers could appeal the decision and lenders would be unable to put the home up for sale. A Treasury spokeswoman said the idea is being considered but hasn’t been approved and no announcements are planned at present. (from Rachael Granby)