What incentives are the government offering lenders and borrowers to complete modifications?
Lenders will receive an up-front incentive payment of $1,000 for each eligible modification. Lenders will also receive Pay-for-Success payments (as long as the borrower remains current) of up to $1,000 each year for up to three years. Borrowers are eligible to receive a Pay-for-Performance Success Payment that goes straight toward reducing the principle balance on the mortgage as long as the borrower is current on his or her monthly payments. Borrowers can receive up to $1,000 of Pay-for-Performance success Payments each year for up to five (5) years.
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