Millions of American homeowners are finding themselves facing the real possibility of foreclosure. They are in high interest loans or facing a financial crisis that makes paying their mortgage every month impossible. President Obama’s home stimulus plan includes $75 million dollars, including monetary incentives for lenders to modify your mortgage loan. The federal mortgage modification program will stop foreclosures and lower monthly payments so that you can stay in your home!
Americans are struggling because of the economy but also because of bad loans. For instance, the negative amortization loan, did anyone really understand this loan? Couple the bad loans with the values of homes decreasing almost daily and homeowners are desperate to find relief. Lenders realize that the plummeting home values and increased unemployment rates will and have produced an epidemic of foreclosures. They too are eager to clear the books and start over! The Federal loan modification may be the answer. Continue reading ‘Federal Mortgage Loan Modification – What is It?’ »