How to Apply now for Loan Modification Program
March 5, 2009 by David
Filed under Real Estate
President Obama’s government loan modification and loan refinance program part of the gov bailout package was announced on March 4 2009. At first glance it appears to be somewhat complex with a number of rules and requirements for qualification.
Rather than analyze it here in much detail we suggest the best option for you to pursue if you need help with your mortgage payments is to visit to the new government website FinancialStability.gov and apply for the refinance or modification programs immediately.
Apparently there are two different programs from what we understand. One involves modifications providing you are no more than 5% underwater and 60 days or more past due on your home loan payments. The other apparently relates to homeowners who are current with payments but possibly are more than 5% upside-down. Please do not quote us on that and investigate the Affordable Home Modification plan yourself because the program facts, rules and requirements are not real clear at this time.
Thank you for the information. Looks very confusing on who qualifies. Any updated information?
RE Loan Modification Program.
Right Natalie, it is very confusing. Since Countrywide is the largest mortgage firm we called them yesterday with some simple questions. After getting switched to a couple different departments and much confusion from them about the call it turned-out they basically knew nothing about the program and had little if any idea what the rules are or how to qualify and apply.
The government now has a new informative and interactive web site where you can take a test to see if you qualify for refinancing or get a home loan modification.
Here is the link: MakingHomeAffordable.gov which you should find useful and may save you significant money and possibly prevent or stop foreclosures too.
David, I just went to the Making a Home Afforidable.gov and I think that may be the best information that I have seen out there regarding loan modifications because usually there are a lot of people trying to explain it and to possibly scam consumers. Do you personally know of any Loan Modification Specialists or companies who are doing good things for the consumers? Thanks for the help!