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Maria Olmo, 63, doesn’t like her chances of paying off her new, 40-year mortgage.
“I’ll die before it’s paid off,” said Olmo, who got her 30-year mortgage modified because she was at risk of losing her home to foreclosure. “This is the most ridiculous thing I’ve heard in years. They didn’t take my age or my income into consideration.”
Since last year, companies servicing delinquent mortgages have been under orders from the federal government to modify the loans rather than foreclose on them.
The goal is to cut the monthly mortgage payments so they are less than 30 percent of the homeowner’s income.
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