In March, 2009 President Barack Obama introduced the Making Home Affordable Program. This program was initiated in response this countries consumers need for help in rescuing them from impending foreclosure. This country has seen historically high rates of foreclosure over the last year or so. In the less than year since the program has been implemented, very few people have been assisted with this program. But I feel confident that the banks are going to be more aggressive to help consumers modify their loans. The loan modification may reduce your interest rate, extend the life of your loan, or forebear a portion of your loan to the property is sold. The goal of the loan modification is to reduce your loan to a payment that is more affordable. Sometimes loan modifications only result in a permanently fixed rate or capitalization of defaulted payments. This is still helpful for those with adjustable rate mortgages or people that are behind in their mortgage. I have to be clear to stress that the bank is under no obligation to modify your mortgage. Therefore not every person that applies for a loan modification will be approved. However, I or my staff will assist you in dealing with the bureaucracy of the process and deal with the lender so that you won’t have to.
To see if you are eligible for the Making Home Affordable Program click here