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Obamas Foreclosure Plan

loan modification

As you may have already heard, President Obama released information about his new foreclosure plan for homeowners with details to follow on March 4th. This is part two of the government's attempt to fix this housing crisis.  On Oct.1, 2008, a $300 billion dollar Hope For Homeowners plan made to target approximately 400,000 homeowners has successfully helped 22 people as of January 24th.  That's right, 22 people in four months (Click on this link to see a FHA report sent to Congress last month).  Now with a new bill proposing $75 billion, 75% less money to use than the last bill, how will this help 9 million homeowners?


Let's take a look at the few facts already available about this new proposed bill:

1) Lenders are not required to modify loans, it is strictly voluntary. This stipulation was set in the previous bill and will remain in this one. 

2) Only first mortgages will be eligible for modification. Second mortgages can NOT be modified.


These two facts alone are already telling us that this bill will result in the same type of disappointment as its predecessor and will continue to acknowledge the fact that the only way to achieve real help is through an experienced attorney-backed negotiation team.  Again, my company exists for savy clients that realize the government is not in a position to convince investors to take ridiculous losses through small incentives. 


P.S. Did you know that the government holds preferred shares/stocks in banks like Bank of America, Citigroup, Chase and Wells Fargo? Something to think about.

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If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.

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