Thousands to get mortgage payments reduced - WAOW - Newsline 9, Wausau News, Weather, Sports

Thousands to get mortgage payments reduced

(CNN) -

Thousands of homeowners could be getting some much needed help... Starting this week.

Some borrowers with mortgages backed by fannie mae and freddie mac will start receiving offers from lenders to lower their mortgage payments.

The borrowers must be at least 90 days behind on payments, but can't be more than 24 months behind.

The loans must be at least 12 months old.

The principal balance on the loan must be 80 percent or more of the home's value.

Officials won't say how many homeowners will receive the modifications.

The new program is scheduled to last through December 2015.

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