Struggling FHA Borrowers Can Now Get A 40-Year Mortgage Modification

Forbes, May 5,2023–Natalie Campisi

This type of loan do-over isn’t new. FHA used 40-year loan modifications during Covid to help borrowers affected by the pandemic stay in their homes. And the program was successful. Now policymakers want to make the government’s other efficient home-retention programs permanent too, says Brendan Kelleher, associate director of loan administration at the Mortgage Bankers Association.
https://www.forbes.com/advisor/mortgages/fha-40-year-modification/