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Mortgage Modification Program

The loan modification idea came on the scene several years ago. Initially, the premise was met with great expectations by the press and homeowners who were about to fall into the deep end of the I'm-in-financial-trouble pool where the foreclosure sharks were swimming around in lazy circles in wait. Then several dark clouds appeared.

The largest one was labeled confusing. It's like this. The loan modification program was when your current mortgage holder or any other lender of your choice, was voluntarily going to agree to alter your current loan terms to something more satisfactory to you to avoid foreclosure. Sounds good so far. However, when it got right down to it, the investors wanted very strict rules on what could or could not be done using the modification program. Oops!
When the program first started about 23,000 were offered the opportunity to jump in the pool on what was referred to as a "trial" swim. Months later that number had balloned to over 100,000 desperate homeowners looking for those blue skies and green lights. Unfortunately, when things got rolling, suddenly more homeowners were rejected than approved. So, what went wrong?

How did the train go off the tracks so quickly? Confusion, mostly. When a person is on the verge of losing his or her home, they eschew the mouseprint, and generally genuflect to whoever is waving the white flag. In many cases it was a scammer from across the tracks, dressed nicely, clever business card, and plenty of promises if "you'll only sign here."

President Obama's Home Affordable Modification Plan was a good idea that opened the curtains and let the sunshine in for millions of homeowners who needed a fast solution to remain in their homes and not face the F word. Foreclosure should be a last choice. Fact is, many who thought they could qualify, could not. There were things like completing loan modification applications, meeting certain strict eligibility requirements, proof of income, and on and on. Here's the bottom line, folks.

Perhaps a life preserver in your time of need.

#1 Will a loan modification stop foreclosure? Yes!
#2 Can I do the loan modification process myself? Yes! (see below for help)
#3 Can my missed mortgage payments be added back in my new loan? Yes!
#4 Should I work with my current lender? Yes!

Do your homework. Visit: HUD.com for a free loan modification handbook

Copyright mortgagemodification2.com © 12 May 2012