“Lenders will likely give the borrower every opportunity to get to the performance level before this unprecedented event,” he said.Jim Pierson, managing director of Walker & Dunlop in Phoenix said he would hope lenders are willing to extend these loans, and other options could include deferred payment or discounts that were available in the last cycle.

@Kristin SmithI was just about to ask if this is true re FHA loans as I had a lender say something along those lines today but more like FHA borrowers with credit scores below 650 are ineligible at this time.

Sure, you can amend the terms by agreement but as a borrower I would object -- especially if the settlement statement shows per diem interest for March.

If you are unable to borrow from it, the bank makes less money.

So while our great congressman and senators put this bill together with the best of intentions, they woefully missed the mark as to what this will do to the mortgage industry and the borrowers that depend on a efficiently run industry. 

Are borrowers 90 days plus overdue yet and likely not able to catchup to payments as occurred in 2008?

The best bet if you are a challenged borrower is to get private financing but you will need to show you are an expert and have a great project especially right now.

You will end up screwing up more loans then you will be successful with, and will piss off borrower/realtors in the process.

Further, interest rates are expected to come down in the next 2 weeks to 60 days, that will increase volume in the market, but less of the borrowers will be able to qualify.

I have considered is they do to refinance my current home and blend the HELOC and my current loan together to form one loan.Also have considered borrowing private money to pay HELOC down so they don’t freeze it or call it due.