FACTBOX: Details of mortgage forbearance plan

WASHINGTON (Reuters) - Several of the largest U.S. mortgage finance companies, the Treasury and Department of Housing and Urban Development unveiled on Tuesday a new program that would delay foreclosure while a lender and a borrower try to agree on new mortgage terms.

There were an estimated 1.7 million U.S. mortgage borrowers at least 60 days in arrears at the end of last year and the program would help many of those who are still not making payments if those borrowers meet certain terms:

-- Mortgage servicers will explain the program via letters to borrowers who have missed payments for 90 days or more;

-- Borrowers who reply may have any foreclosure proceedings against them frozen for up to 30 days while the lender tries to develop new loan terms;

-- A borrower for whom foreclosure proceedings were halted and can make three monthly payments under new loan terms will have that modified mortgage;

-- All home loans -- to prime or subprime borrowers as well as home equity lines of credit -- may qualify;

-- Investment properties, vacant homes or dwellings set for a foreclosure sale within 30 days would not qualify, and

-- The program is backed by six mortgage lenders are estimated to service about 50 percent of U.S. mortgages -- Bank of America, JPMorgan Chase & Co, Citigroup, Countrywide Financial, Washington Mutual and Wells Fargo.

(Reporting by Patrick Rucker; editing by Gary Crosse)