Obama Loan Modification Plan – Is Your Lender Participating
The Obama Federal loan modification plan leaves many people with .jpg "Obama Loan Modification Plan Is Your Lender Participating")
questions:
Is your lender going to participate in the plan?
What do you do if you’ve aready applied for loan modification with a lender and have either been rejected or are still in a holding pattern waiting for a decision?
The answers to these questions are simple and will get you on your way to the lower mortgage payments that will help you save your home.
A great feature of the Obama Federal loan modification plan is the Pay for Success fund, a program that will reward lenders and servicers for offering the plan to borrowers who can qualify for it. This area of the loan modification plan is a stimulus for lenders who have been hesitant to offer load modification workouts to the untold millions of homeowners in financial straits and too loaded with heavy payments to save their homes. In a “how-to loan modification” plan the lenders will receive compensation for loan modification for those who qualify under this program:
- Reward of $1500 to lenders/investors and $500 to servicers to rewrite loans not in deliquency.
- Upfront payment of $1000 to servicers for each qualified modification
- Cash return of $1000 per year for up to 3 years for borrowers who make regular payments.
However, payments will not be given without prior entrance into the program by the lender under the Treasury Department’s guidelines. So this is a big reward if your bank participates in the Obama Federal loan modification plan, an incentive for them to help deserving homeowners.
So what is in this for you, the homeowner? The good news is that if you have been already refused loan modification by your lender or they were not offering loan remediation, it would be in your interest to find out if they are now a participant in the federal program. However, most lenders will now be supporting this plan for qualified borrowers because of the Federal government hand-outs for their participation. So be sure. Don’t delay in contacting your lender or servicer and find out if they are working with the plan. What this means for you is that if they are cooperating with the federal program then they have censored you for qualification despite the fact that you have applied before
This second chance on low monthly payments will allow many borrowers to receive low monthly payments and allow them to keep their home. However, it is up to you to find out the required approval information, the course of action to meeting these guidelines and the proper completion of paperwork. How-to loan information is available for you to get in on the $75 billion dollars earmarked to help.
The Treasury Department warns against paying thousands of dollars to a third party for applying and qualifying for the Obama Federal loan modification program. These are scam-artists. However, you can get how-to loan modification information and the eligibility requirements by following the do-it-yourself guidelines in The Complete Loan Modification Kit.
How to Qualify and Apply:
We recomend the inexpensively priced Loan Modification Kit, however if you are wanting to spend $3000 or more using a lawyer may have advatages to your specific situation.
I have been trying to get a loan modification with my lender but everytime i call them i’m having to speak to someone in India. It has become very frustrating. What else can I do. My mortgage company (Ocwen) is out of Florida.
Can anyone help me with this situation.
Unfortunately some lenders are not participating. My lender refuses to participate in the President’s program because it would require that they consider lowering the principle owed. They only want to lower interest and extend the life of the loan. Curious since they even advertise the President’s plan on their website.
The company that services my mortgage has denied our request to modify our loan; and now they are not returning my calls. Litton loans is not participating in the Presidents plan. Our credit is poor and will not qualify for a refinance. Is there anyone that can steer us in the right direction to save our home? our house is scheduled for forclosure on 7/20/09.
My Lender, who is very pleasant but has informed me that their company is small and does not do loan modifications. However, they would consider a “forebearance agreement” where it appears that it would double the high mortgage which I am now paying. Is there anyway in which we can achiever a solution suing both the modification and forebearance approach where the Lender can also take advantage of the “Pay for Success Fund” wheere lenders and servicers are rewarded for offering the plan to borroweers who can qualify for it? Thhe emphasis being that the loan modification pan is a stimulus for Lenders who have been hesitat to offer loan modificationsworkouts to the ntold millions of homeowners like myself in financial straits and too loaded with heavy payments to save their homes. I understand that in a “how-o-loan modification” plan the Lenders will receive compensation for loan modification for those who qualify under this program. A timely reply will be greatly appreciated because time is of the essence.
If they are not participating and not returning your calls, my advice would be to continue contacting them and document your attempts to contact them. After 1-2 weeks if they still aren’t communicating with you, approach a lawyer and determine if their actions justify any misconduct which could ultimately help you keep your home.
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