WASHINGTON — Decisions on whether to modify a mortgage to prevent foreclosures must be made within 45 days, as a result of an agreement announced today by officials of the mortgage industry and lenders and loan servicers.
The agreement, by officials in the government-created HOPE NOW alliance, also states that borrowers will receive an acknowledgment of their request within five business days. Lenders would also promise to stay in touch with borrowers while reviewing an application.
Lenders would also accept a deed in lieu of foreclosure or a short sale in lieu of going through with a foreclosure.
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