Finally! At last! About time! The big mortgage giants plan to offer significant help for homeowners in trouble. Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (FHFA), which oversees them, plan to make it easier for families facing foreclosure to modify mortgages. FHFA says it will eliminate bureaucratic obstacles and extensive paperwork requirements to speed-up the process.

Beginning again

Starting July 1, 2013, it should be easier for homeowners who are 90 days behind on mortgage payments to try to work out a new deal to lower monthly payments.

Once the payments are lowered, homeowners will have to make three monthly payments on time to prove that they can do it.  Then the new mortgage will go into effect permanently.