Loan Modification Pros

Loan Modification Cheney, Medical Lake, Davenport Washington

A growing number of Cheney, Medical Lake, and Davenport, Washington homeowners have seen the value of their homes drop to below the amount they owe on their mortgage loans.  At the same time, the average income has dwindled to make mortgage payments impossible to afford for most.   With interest rates on the rise as adjustable rates jump to high fixed rates, and home values falling, refinancing is no longer an option for most, leaving the necessity for a home loan modification.

Under Obama’s “Making Home Affordable” plan, the majority of Cheney, Medical Lake, and Davenport, Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification. Obama's HAMP program demands that a homeowner’s mortgage payment cannot exceed 31% of their gross income.  Since most home loans exceed 31%, the vast majority of borrowers are technically eligible for HAMP assistance.

Washington homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.

Loan Modification: 

• Lowers the homeowner's monthly payments;
• Lowers the loan's interest rate;
• Swaps a rising adjustable rate for an affordable fixed rate;
• Reduces the principle balance of the property;
• Corrects payment delinquencies and defaults;
• Adjusts the length of the loan terms

Keeping all of this in mind, homeowners are hoping to avoid foreclosure and stay in their homes with the help of a loan modification.  A modified mortgage loan allows you to lower your monthly payments, lower your interest, lower your principal, adjust the term of the loan, or any combination of these.  Your home is the greatest financial commitment you are going to make in your life, and acquiring secure and successful mortgage mitigation.

Eligible Washington homeowners now enduring financial hardships such as credit card debts, loss in income, unemployment, a bad mortgage, or other financial circumstances, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan. 

With mortgage loan mitigation, lowered interest rates can save homeowners from foreclosure, help those in the foreclosure process, and prevent mortgage defaults, by saving hundreds of dollars per month on your home loan payments. 

Cheney, Medical Lake, and Davenport, Washington homeowners will be able to save millions by getting a home loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan.  Even borrowers who have been denied a refinancing or modification in the past have been having success with Obama’s mortgage refinance bailout plan.

 

Loan Modification Deer Park, Chewelah, Newport, Washington

Most Deer Park, Chewelah, and Newport, Washington homeowners have had to watch the value of their local homes fall to less than the amount they owe on their mortgage loan.  Making things even worse for many, the average income has dwindled to make mortgage payments often impossible to afford.   Interest rates continue to rise as adjustable rates jump to high fixed rates, and home values are still plummeting, all making refinancing no longer a financially sound option for most, leaving the necessity for a home loan modification.

Most homeowners now qualify for home loan assistance under the HAMP program, where in which your mortgage payment cannot exceed 31 percent of your gross income.  Since most loans exceed this 31% number, nearly all borrowers technically qualify for HAMP assistance. 

Deer Park, Chewelah, and Newport, Washington homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.

Loan Modification: 

• Lowers the homeowner's monthly payments;
• Lowers the loan's interest rate;
• Swaps a rising adjustable rate for an affordable fixed rate;
• Reduces the principle balance of the property;
• Corrects payment delinquencies and defaults;
• Adjusts the length of the loan terms

As the housing market crisis continues and foreclosures are skyrocketing, homeowners are looking to avoid foreclosure and afford to remain in their homes with the help of a modified home loan.  A loan modification enables you to lower your monthly payments, lower your principal, adjust the term of the loan, lower your interest, or any combination of these. 

Eligible Washington homeowners now enduring financial hardships such as credit card debts, loss in income, unemployment, a bad mortgage, or other financial circumstances, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan. 

Lowered interest rates can prevent homeowners from being foreclosed on, help homeowners who are in the foreclosure process, and prevent mortgage defaults, by saving hundreds of dollars per month on your home loan payments.  

Deer Park, Chewelah, and Newport, Washington homeowners will be able to save millions by getting a home loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan.  Even borrowers who have been denied a refinancing or modification in the past have been having success with Obama’s mortgage refinance bailout plan.

 

Loan Modification Chelan, Bridgeport, Coulee City, Washington

Chelan, Bridgeport, and Coulee City, Washington homeowners have witnessed the value of their homes fall lower than the amount they owe on their mortgage loans.  Moreover, the average income has shrunk to make mortgage payments often impossible to afford for homeowners facing other financial hardships.   As interest rates rise with adjustable rates jump to high fixed rates, and home values plummeting, refinancing is no longer a sound option, leaving the necessity for a home loan modification.

Most Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification under President Obama’s “Making Home Affordable” plan. Obama's HAMP program demands that a homeowner’s mortgage payment cannot exceed 31% of their gross income.  Since most home loans exceed 31%, the majority of borrowers are now technically eligible for HAMP assistance.

Homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.

A loan modification is something a growing number of Washington homeowners are exploring in order to save their homes from foreclosure.  Sadly, a growing number of borrowers who gave up completely and let their homes go into foreclosure are now regretting it.

Loan Modification: 

• Lowers the homeowner's monthly payments;
• Lowers the loan's interest rate;
• Swaps a rising adjustable rate for an affordable fixed rate;
• Reduces the principle balance of the property;
• Corrects payment delinquencies and defaults;
• Adjusts the length of the loan terms

Often times, it is better for the borrower to default on their loan payments and credit cards than to go into foreclosure.  When a borrower has let their home go into foreclosure, it can take at least 10 years for them to recover financially.  For many who are now unable to buy anything on credit for a decade, this has become one of the worst financial decisions of their life.  Even after the foreclosure is removed from their financial history, borrowers acquiring an affordable rate will be even more difficult.

Eligible Chelan, Bridgeport, and Coulee City, WA homeowners now enduring financial hardships such as credit card debts, loss in income, unemployment, a bad mortgage, or other financial circumstances, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan. 

Keeping all of this in mind, homeowners are scrambling to avoid foreclosure with the help of a modified home loan.  Home loan modification allows you to lower your monthly payments, lower your interest, lower your principal, adjust the term of the loan, or any combination of these.  Your home is the greatest financial commitment you are going to make in your life, and acquiring secure and successful loan modification.

Mortgage mitigation and lowered interest rates can prevent homeowners from being foreclosed on, help homeowners who are in the foreclosure process, and prevent mortgage defaults, by saving hundreds of dollars per month on your home loan payments. 

Chelan, Bridgeport, and Coulee City, Washington homeowners will be able to save millions by getting a home loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan.  Even borrowers who have been denied a refinancing or loan modify in the past have been having success with Obama’s mortgage refinance bailout plan.

 

Loan Modification Bremerton, Port Orchard, Gig Harbor, Washington

An increasing number of Bremerton, Port Orchard, and Gig Harbor, Washington homeowners have watched the value of their homes fall to lower than what they owe on their mortgage loan.  Moreover, the average income has shrunk to make mortgage payments impossible to afford for countless homeowners.   As interest rates rise with adjustable rates jumping to high fixed rates, and home values continue to plummet, refinancing is no longer an option for many borrowers.  Now, more than ever before, borrowers are looking to modify their mortgage and save their homes with a loan modification.

Thanks to President Obama’s “Making Home Affordable” plan, most Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification. Under the HAMP program, a homeowner’s mortgage payment cannot exceed 31% of their gross income.  Since most home loans exceed 31%, the vast majority of borrowers are technically eligible for HAMP assistance.

Homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.

Loan Modification: 

• Lowers the homeowner's monthly payments;
• Lowers the loan's interest rate;
• Swaps a rising adjustable rate for an affordable fixed rate;
• Reduces the principle balance of the property;
• Corrects payment delinquencies and defaults;
• Adjusts the length of the loan terms

Loan modification is now something more and more Washington homeowners are considering in order to save their homes from foreclosure.  Unfortunately, many borrowers who gave up and let their homes go into foreclosure are now regretting it.

Once a borrower has let their home go into foreclosure, it can take at least 10 years for them to recover financially.  For many who are now unable to buy anything on credit for a decade, this has become one of the worst financial decisions of their life.  Even after the foreclosure is removed from their financial history, borrowers acquiring an affordable rate will be even more difficult.  Often times, it is better for the borrower to default on their loan payments and credit cards than to go into foreclosure.

Keeping all of this in mind, homeowners are scrambling to avoid foreclosure with the help of a modified home loan.  A loan modification allows you to lower your monthly payments, lower your interest, lower your principal, adjust the term of the loan, or any combination of these.  Your home is the greatest financial commitment you are going to make in your life, and acquiring secure and successful mortgage mitigation.

Eligible homeowners around Bremerton, Port Orchard, and Gig Harbor, WA who are suffering through credit card debts, unemployment, loss in income, bad mortgage, or other financial hardships, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan. 

A loan modification can get homeowners lowered interest rates which can prevent you from being foreclosed on, help those in the foreclosure process, and prevent mortgage defaults by saving hundreds of dollars per month on your home loan payments.  

Bremerton, Port Orchard, and Gig Harbor, Washington homeowners will be able to save millions by getting a home loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan.  Even borrowers who have been denied a refinancing or home loan modification in the past have been having success with Obama’s mortgage refinance bailout plan.

Every Washington homeowners now facing foreclosure, or about to be, should immediately begin exploring all the options available, including new government programs designed to help you get a successful loan modification and save your home.

 

Loan Modification Bellingham, Ferndale, Deming, Washington

Most Bellingham, Ferndale, and Deming, Washington homeowners have had to watch the value of their local homes fall to less than the amount they owe on their mortgage loan.  Making things even worse for many, the average income has dwindled to make mortgage payments often impossible to afford.   Interest rates continue to rise as adjustable rates jump to high fixed rates, and home values are still plummeting, all making refinancing no longer a financially sound option for most, leaving the necessity for a home loan modification.

A Loan Modification permanently changes one or more of the terms of your loan, and can lower your monthly payments to make them affordable, as well as correct defaults, and offer a fresh start.  By modifying the loan, borrowers can meet the terms of the new loan, and continue to do so into the future.  Mortgage mediation allows homeowners to stop the foreclosure of their family's home, while lowering the monthly payments and modifying the loan terms.

Under Obama’s “Making Home Affordable” plan, the majority of Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification. Obama's HAMP program demands that a homeowner’s mortgage payment cannot exceed 31% of their gross income.  Since most home loans exceed 31%, the vast majority of borrowers are technically eligible for HAMP assistance.

Washington homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.

Loan Modification: 

• Lowers the homeowner's monthly payments;
• Lowers the loan's interest rate;
• Swaps a rising adjustable rate for an affordable fixed rate;
• Reduces the principle balance of the property;
• Corrects payment delinquencies and defaults;
• Adjusts the length of the loan terms

Eligible Bellingham, Ferndale, and Deming, Washington homeowners enduring financial hardships such as credit card debts, loss in income, unemployment, a bad mortgage, or other financial hardships, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan. 

Loan modification is now appearing to be the last chance for more and more Washington homeowners to save their homes from foreclosure.  Unfortunately, a growing number of borrowers have given up completely and let their homes go into foreclosure, and a large number of those end up regretting it.

Bellingham, Ferndale, and Deming, Washington homeowners will be able to save millions by getting a loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan.  Even borrowers who have been denied a refinancing or modification in the past have been having success with Obama’s mortgage refinance bailout plan.

Every Washington homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available, including new government programs designed to help you get a successful loan modification and save your home.

 

Loan Modification Castle Rock, Silverlake, Toledo, Washington

Castle Rock, Silverlake, and Toledo, Washington homeowners have been forced to watch the value of their homes dwindle to less than what they owe on their mortgage loan.  Adding to the problem, the average income has shrunk away to make mortgage payments impossible to afford for millions of borrowers.  Interest rates are exploding because of adjustable rates jumping up to high fixed rates, and home values continue to plummet, making refinancing no longer an option for most homeowners.  Distressed homeowners are desperately looking to avoid foreclosure and save their homes with a loan modification.

Right now, the majority of Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification. Under the HAMP program, a homeowner’s mortgage payment cannot exceed 31% of their gross income.  Due to the fact that most home loans exceed 31%, the vast majority of borrowers are technically eligible for HAMP assistance.

Homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.

A Loan Modification: 

• Lowers the homeowner's monthly payments;
• Lowers the loan's interest rate;
• Swaps a rising adjustable rate for an affordable fixed rate;
• Reduces the principle balance of the property;
• Corrects payment delinquencies and defaults;
• Adjusts the length of the loan terms

As a result, Loan modification has captured the attention of thousands of Washington homeowners looking to save their homes from foreclosure.  Unfortunately, many borrowers who gave up and let their homes go into foreclosure are now regretting it.

Homeowners are eagerly looking to avoid foreclosure with the help of a modified home loan.  A home loan modification allows you to lower your monthly payments, lower your interest, lower your principal, adjust the term of the loan, or any combination of these.  Your home is the greatest financial commitment you are going to make in your life, and acquiring secure and successful mortgage mitigation.

Eligible Castle Rock, Silverlake, and Toledo, WA borrowers suffering through financial hardships like credit card debts, loss in income, unemployment, a bad mortgage, or other financial circumstances, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan. 

Lowered interest rates can prevent you from being foreclosed on, help those in the foreclosure process, and prevent mortgage defaults by saving hundreds of dollars per month on your home loan payments.  

Castle Rock, Silverlake, and Toledo, Washington homeowners will be able to save millions by getting a home loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan.  Even borrowers who have been denied a refinancing or loan modify in the past have been having success with Obama’s mortgage refinance bailout plan.

 

 

LOAN MODIFICATION SEATTLE

 

With falling housing prices, rising interest rates, and many now owing more than their home is worth, homeowners around Seattle, Washington, are now looking too modify their home loans in order to avoid foreclosure and save their homes.  With a new foreclosure filed every 13 seconds, and with reports showing half of American mortgages underwater in 2011, loan modification is fast becoming the last hope for millions of distressed homeowners scrambling to afford their failing mortgages.

According to a recent report from the U.S. Treasury Department, 42 percent of modified loans done by the largest servicers have lowered homeowners' mortgage payments. This is a large improvement when compared to the 26 percent of modified loans that received lowered monthly payments during the 4th quarter of 2008. This year, at least 2.4 million foreclosures have been expected to be filed, while one million foreclosures have already been filed in the first quarter of 2009. According to RealtyTrac, one out of every 440 American homes have filed for foreclosure.

        Current Housing Market Facts:

* There are approximately 110 million households in the U.S.

* About 75.5 million of these are homeowners.

* Approximately 68% of the 76 million, or 51.6 million, have mortgages.

* 14 million U.S. homeowners, 27% of those with mortgages, were underwater at the end of Q1 (Deutsche Bank estimates)

* Deutsche Bank estimates that nearly half of the 52 million mortgagors will be underwater by the end of next year.

President Obama's $75 billion Making Homes Affordable program is aimed at assisting 3-4 million borrowers avoid the 9 million foreclosures expected over the next four years.  With a free loan modification evaluation, homeowners around Seattle, WA, can immediately see the savings possible under Obama's new programs, and explore all the benefits they qualify for, and begin the process of saving their home.

Loan Modification:

  *  Lowers your monthly payments;

  *  Lowers your interest rate;

  *  Swaps a rising adjustable rate for an affordable fixed rate;

  *  Reduces the property's principle balance;

  *  Corrects defaults and payment delinquencies;

  *  Adjusts the length of the loan terms

 

Under President Obama's "Making Home Affordable" plan, the majority of Seattle, Washington homeowners now qualify for benefits and hundreds in savings with a loan modification. The program demands that a borrower’s mortgage payment cannot exceed 31% of their gross income, and because most loans exceed 31%, nearly all homeowners are technically eligible for HAMP assistance. In addition, borrowers who have been denied a refinancing or home loan modification in the past are now able to have a second chance.

Troubled homeowners can save hundreds a month by getting a mortgage loan modify or mortgage refinance. Any homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification, Washington

 

LOAN MODIFICATION BOTHELL, WOODINVILLE, KIRKLAND, WASHINGTON

A recent report from the U.S. Treasury Department shows that 42 percent of loan modification done by the largest servicers did lower the homeowner's monthly payments, while 26 percent of modified loans received lower payments in the 4th quarter of 2008.  2.4 million foreclosures are expected to be filed this year alone, with one million foreclosures already filed by the end of May.  One out of every 159 households with mortgages received notice of foreclosure in just the first quarter of 2009, according to RealtyTrac, and one in every 440 American homes filed for foreclosure.

Properties in areas like Bothell, Woodinville and Kirkland, Washington have likewise seen falling housing prices, rising interest rates, and now face going "underwater," owing more than their home is worth.  With a secure modification of their home loan, thousands of Washington homeowners still have hope to save their homes, and be able to afford to stay in them. 

A Successful Loan Modification Can: 

• Lower the homeowner's monthly payments;
• Lower the loan's interest rate;
• Swap a rising adjustable rate for an affordable fixed rate;
• Reduce the principle balance of the property;
• Correct and forgive payment delinquencies and defaults;
• Adjust the length of the loan terms

Thankfully, most homeowners around Bothell, Woodinville, and Kirkland, Washington now qualify for benefits and savings with a loan modification under Obama’s "Making Home Affordable" program. With this plan, a borrower’s mortgage payment will never exceed 31% of their gross income. Since most loans exceed 31%, nearly all homeowners are technically eligible for HAMP assistance, including borrowers who have been denied a refinancing or home loan modification in the past.

By simply filling out a free loan modification evaluation, homeowners can immediately see what benefits they qualify for, the savings they may expect to see, and start exploring all the options available to them while beginning the process of saving their home.

For the banks and lenders, a foreclosure is a time-consuming and highly costly process in which they would prefer to avoid.  Because of this fact, a successful loan modification is often available but requires skilled negotiations and knowledge in which many homeowners may not possess.  This is where a trusted and well-qualified mortgage mitigation professional can make all the difference.  While many scrupulous and fraudulent companies have left a bad reputation in recent news, certified and respectable professional servicers are commonly able to get a home loan modified easier and more efficient than a borrower can on their own.

Homeowners seeking a modification from their lender on their own need to provide the most accurate and essential information possible since all information will be used for or against them.  Homeowners, therefore, must understand their lender's guidelines and how to use them in their favor, as well as assure all essential paperwork has been provided to the lender.  Distressed borrowers also face being lost in the shuffle of an increasing flood of modification requests, often waiting by their phone for months to hear from their lender, and ending up in "cookie-cutter" modifications which result in later default, or even worse situations than when they started the process.

President Obama's "Making Home Affordable" plan will help distressed Bothell, Woodinville, and Kirkland, Washington homeowners save hundreds a month with a home loan modification or mortgage refinance. Any homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.

Mortgage Loan Center, LLC
License # 510-MB-20022

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification, Washington

 

HOME LOAN MODIFICATION WASHINGTON

According to a new Deutsche Bank report, the percentage of American homeowners owing more than their homes are worth will nearly double to 48 percent of those with mortgages in 2011, an estimated 25 million homeowners.  Thousands of Washington homeowners are now in a position where the amount they owe on the mortgage exceeds their home's value, and all while house prices continue to fall.  Predicting half of all U.S. mortgages being underwater in 2011, homeowners across the country are in great need of loan modification.

It is estimated by Deutsche Bank that 14 million American homeowners had negative equity, owing more than their house is worth, at the end of the first quarter of 2009.  While housing prices continue to fall, about 27 percent of U.S. homeowners are now "underwater" on their mortgage.  At the current rate, nearly half of all American home mortgages will be underwater in 2011.  [Marketwatch, 8/06/2009]

• 41% of prime conforming borrowers will be underwater by the first quarter of 2011
  
• 46% of prime jumbo borrowers will be underwater by the first quarter of 2011, jumping from 16 percent at the end of the first quarter of 2009
  
• 41 percent of prime conforming loans will be larger than their properties' value by the first quarter of 2011. 
  
• 46 percent of prime jumbo loans will likewise be "underwater," a jump from 29 percent.   [Reuters, 8/05/09]

After three years of price drops, this does not look comforting for stabilization in the U.S. housing market.  Deutsche Bank reported that decline in home prices will have its greatest impact on prime borrowers and "conforming" loans meeting the guidelines of Fannie Mae and Freddie Mac.  Prime conforming loans are commonly less risky due to stringent requirements, and make up two-thirds of mortgages. 

Such a jump in these markets is significant as they make up the largest share of the total mortgage market, with Prime jumbo loans making up 13 percent of the total market.  While prices continue to fall, more and more Washington homeowners will go underwater on their mortgage, making it more difficult to refinance, and leaving a Home Loan Modification the best solution.

With housing prices dropping, interest rates rising, and more and more homes underwater, refinancing is no longer a viable option, and without modifying these loans with a modification, half of America is likely going to lose their homes.  Mortgage mitigation allows for a borrower to permanently change the terms of their mortgage, allowing for affordable monthly payments.  Modifying a home loan can lower the interest rate, extend the term of the loan, or add any of the borrower's missed payments to the balance of the loan.  With a free loan modification evaluation, homeowners can immediately see the savings available to them under various government programs, and begin determining which plans and savings they best qualify for.

Washington homeowners can save hundreds a month by getting a mortgage loan modify or mortgage refinance with President Obama's "Making Home Affordable" plan. All homeowners now facing foreclosure on their home, or those who are about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification, Washington

 

LOAN MODIFICATION, WASHINGTON

As the Federal Trade Commission has been cracking down, lenders are now under pressure to assure a loan modification for more homeowners unable to afford their mortgage loan payments, or those now "underwater."  Will it help?  Banks and lenders have shown over these last months that they are in no hurry to assure distressed homeowners a modification. It has been estimated that nearly 5 million Americans will lose their homes over the course of the next three years, even with the government modification effort.

So far the Obama Administration has rolled out its $75 billion plan in hopes of spurring lenders to help modify the mortgages of millions of distressed homeowners.  Upon unveiling the Home Affordable Modification Program (HAMP), the Obama administration said its original $50 billion plan would help 4 million borrowers, about 1 in 15 Americans with a mortgage, through its modification incentives.  However, according to Treasury findings, only about 230,000 trial modifications are in process so far, representing only 9% of the 2.7 million mortgages that are at least 60 days past due and considered eligible.   [Boston Globe, 8/05/2009]

On Tuesday August 5, the Treasury Department released the first monthly report on the performance of loan servicers in the Obama administration's home mortgage modification program.  As reported, only 15 percent of eligible homeowners have been offered assistance under the Home Affordable Modification Program, and some loan servicers have yet to modify a single loan.  The Treasury said that loan modification servicers' performances had been "uneven," and requested they ramp up efforts to reach 500,000 trial modifications by November.  The Administration now hopes that threat of bankruptcy will motivate mortgage servicers to pursue more modifications.  [Forbes, 8/04/09]

Under the Administration's program, if a borrower is in "imminent default," the lender and government will rework the mortgage by lowering interest rates, extending the term of payments, or lowering the principal to reduce the monthly payment to less than a third of the borrower's current gross income. If eligible, the borrower's payments would be lowered to 31 percent of their present gross income, allowing them to save their home and afford to stay in it. [Forbes, 8/6/2009]

Bank of America had the highest number of eligible borrowers due to its acquisition of subprime giant Countrywide, however only offered trial modifications to 176,000 borrowers, just 13% of those who qualified, and only 4% took the bank up on it. 

While lenders like Bank of America and Wells Fargo have received billions in federal bailout money, and give the impression that they are willing to work with borrowers, it has become increasingly common over the past two years for lenders to deny the majority of modifications. Many lenders told borrowers to wait for details on a planned new government modification program, offering them hope that more help was soon to come, however none came.

A common problem faced by borrowers is that lenders such as Countrywide and Bank of America deny modifications for homeowners who are not behind in payments yet have experienced a drop in income. These lenders seem far less focused on working with borrowers and more willing to let these homes go to foreclosure.

So-called "non-profit" loan modification servicers are being paid incentives from the government programs in an attempt to increase the ability for mortgage mitigation. Under HAMP, servicers now receive $1,000 from the government for every borrower who is able to make their payments for three months straight, and up to $4,500 for three years of regular payments. Under the plan, borrowers must complete a three-month trial period making their newly lowered payments, coincidentally weeding out borrowers who will end up in re-default, unable to afford the lowered payments as well. [ABC News, 8/4/09] 

Trying to get a home loan modification done yourself is often much more difficult, and frequently results in inappropriate modifications, unaffordable payments that can then result in future re-default and foreclosure, or even a worse situation than when they began the process. Borrowers seeking modifications from their lenders have repeatedly been asked to fax mortgage information and hardship letters only to wait for a call that never comes. While working and struggling to stay afloat, distressed homeowners are unable to call and keep up with the banks and lenders in order to get any help.  Many homeowners call their lender numerous times trying to work out their situation, sometimes dozens of times over months of waiting, only to be told to call a different department or wait longer because the office doesn't have their paperwork yet.

By using a certified and reputable modification company, homeowners commonly have a much greater chance of acquiring a legitimate and successful mortgage mitigation.  Modification companies are able to represent the borrower in a way they are unable to do themselves, and most homeowners find themselves getting lost in the shuffle of millions of modification requests. As a result, distressed homeowners are left without any communication on their case, placed in "cookie-cutter" plans that do not offer them the best options, or are simply denied automatically due to strict requirements, and often end up in a worse situation than they were before they began the process.  With a free loan modification evaluation, homeowners can immediately see what savings and benefits they qualify for under new government programs, and begin the process of saving their home.

The Obama administration's "Making Home Affordable" plan now qualifies thousands of Washington homeowners for hundreds a month in savings with a home loan modification or mortgage refinance. Any homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.

Mortgage Loan Center, LLC
License # 510-MB-20022

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification