New rules will speed up mortgage modifications

Mortgage modification
Mortgage modification

Mortgage modifications have turned out to be far more difficult than the Obama administration apparently initially thought they'd be. Many homeowners complain they can't get lenders to award them permanent modifications after a required three-month trial. Servicers often blame the borrowers for submitting incomplete applications and other documents. And there goes any hope of a permanent mortgage modification.

Until now! (Or this June, to be exact).