Personal Finance guide

The Obama federal loan modification program is expected to benefit four to five million homeowners in America. Because foreclosure benefits neither the mortgage lender nor the homeowner, most lenders are eager to participate in this program, but they are not required to do so. Mortgage lenders agreeing to participate in Obama’s federal loan modification program must agree to Treasure Department guidelines and are given incentives to work with financially strapped homeowners to handle modifying loan requests.

MHA, or Making Homes Affordable, offers this list of current lenders taking part in the Obama federal loan modification program (in alphabetical order):

1. Bank of America.

2. Carrington Mortgage Services.

3. Chase.

4. CitiMortgage.

5. Countrywide.

6. GMAC.

7. Green Tree Servicing.

8. Home Loan Services, Inc.

9. Ocwen Financial Corp.

10. Saxon Mortgage Services.

11. Select Portfolio Servicing.

12. Wells Fargo Bank.

13. Wilshire Credit Corp. Continue reading ‘Obama's Federal Loan Modification Plan – List of Participating Lenders’ »

Help is available through the Home Affordable Plan to homeowners struggling to make their monthly mortgage payments. Loan modifications can lower your monthly mortgage payment to help keep you in your home if refinancing is not a viable option for you. Below are some points concerning loan modification.

* Homeowners can extend their payment terms up to 40 years and reduce their interest rates by up to 2% using the Home Affordable Modification Plan. This plan allows homeowners who are suffering with financial difficulties to modify their loans based on hardship. This is an especially a good option for those who lost their jobs and don’t qualify for refinancing. It’s also a better option for those whose property values have declined or where the real estate market is still soft, preventing them from being able to sell their homes. Continue reading ‘Determining Whether Refinancing Or Loan Modification is the Better Choice For You’ »

Home- Loan-Lender-Violations-attorney’s-help-lower-payments

Loan Modification Program –

Get the facts & info you need to save your home!

What I’d like to share with you is that at least 2 or more million mortgages that were funded between 2000-2007, many of these loans were funded unlawfully. During that period, bankers, lenders, mortgage brokers, appraisers and others in the industry have been known to enjoy the benefits of a very prosperous time.

Many of these people performed their jobs well and honestly, but others performed their duties illegally. Prosecutions are on the rise as these predatory lending violators are being brought to trial. Continue reading ‘Home- Loan-Lender-Violations-attorney's-help-lower-payments’ »

Hardship assistance in the form of loan modifications has been available for years, but it’s the topic of conversation now more than ever since the Making Home Affordable (MHA) Act was introduced by President Obama. Unlike in years past, the process for applying and being approved for home loan modification is less inefficient and speedier. Investigate your options if you think that a home loan modification would assist you in your time of financial hardship.

It doesn’t have to be the end or result in foreclosure if you’re currently having difficulty making your monthly mortgage payments. If you apply for loan modification assistance before you hit rock bottom, you may be able to do something to save your home. A financial adviser can let you know your options, whether you hire one or schedule an appointment with a HUD-approved financial adviser for free counseling. Continue reading ‘Easy Advice For Home Loan Modification Hardship Assistance’ »

News of downsizing and layoffs has been prevalent during these downturns in our economy. Those who have lost their jobs are concerned about meeting their bills, including their monthly mortgage payments and wonder if there’s any opportunity for them to participate in a loan modification program. That’s a valid concern considering that obtaining a loan usually requires the ability to repay the loan, which requires the borrower to have a job in order to earn income.

You are not alone if you are finding it more difficult to make your monthly mortgage payments. Millions of Americans are experiencing the same problems as you are facing. Foreclosure is a scary word that you don’t want to have to consider and there may be other options that will work better for you and your family. Don’t feel guilty about being in the situation that you find yourself – it’s not your fault. Continue reading ‘Can You Qualify For Loan Modification If You Are Unemployed?’ »

Stop worrying about foreclosure and start evaluating your options to modify your adjustable rate mortgage and lower your monthly house payments. There are programs out there available to help you through your current financial hardship. The lenders realize that foreclosure is not the best option for them or for you, so they are willing to work with you if you meet certain qualifications.

With all the other expenses you incur each month, you surely don’t want to have to continue to make high mortgage payments for an extended period of time, worrying whether or not you’ll be able to make the next one.

A contingency plan can help you solve your mortgage woes by allowing you to lower your monthly payments. Being proactive is better than being reactive, so don’t wait until you’re knee-deep in financial trouble, explore your alternatives now. Continue reading ‘The Facts about Adjustable Rate Mortgage Loan Modification’ »

If you are one of the struggling homeowners facing possible foreclosure there may be renewed hope! Even if you applied for a modified loan with your lender and were turned down, you now may re-apply under the federal government home loan modification program. This may be your last chance to save your home!

President Obama’s Home Stimulus Plan includes $75 billion dollars that will be used to give lenders monetary incentives to modify your mortgage. Never before, have lenders had this kind of incentive to help American homeowners! Continue reading ‘Home Loan Modification – Save Your Home’ »

A well-written hardship letter can make or break your ability to be approved for a loan modification. The hardship letter needs to lay out the reasons why you are facing financial difficulties and why you would be able to meet your mortgage obligations under revised terms.

Preparation is always the key to success, so preparing a checklist to guide you toward covering all aspects that need to be included in your hardship letter will increase your odds of approval. Below are the three key points that you need to include in your letter. Continue reading ‘Preparing a Loan Modification Hardship Letter – Three Basic Points to Include’ »

Do you have questions about Obama’s loan modification program and who is eligible to participate in it? Are you wondering which financial institutions are providing loan modification options using the $75 billion allocated by the Treasury Department? Keep reading for some answers to these questions and more.

Lender participation in the federal program isn’t required, but many financial institutions have already signed up and many more are eager as modifying a loan is a much preferred alternative to foreclosure. Also, under Obama’s loan modification setup, lenders are being offered incentives to participate in this plan that is expected to protect four to five million American homeowners from losing their homes. Continue reading ‘Eligibility Requirements Under Obama's Loan Modification Program’ »

Loan modification services are a great option for the majority of homeowners who are trying to modify their mortgage loan. For many, receiving a modification on their own is a difficult task. Lenders are firm on their requirements without additional pressure from an outside party, such as loan modification services.

When a lender looks over an application for modification, they have their eyes open for certain factors, mostly those pertaining to financial hardship. However; there are some things that the unsuspecting homeowner may not be aware of. For example, many don’t know that in most situations, a recent or current bankruptcy can be means for disqualification. Continue reading ‘Where to Get Loan Modification Services’ »