President Obama’s Loan Modification Program has the ability to assist an estimated seven to nine million Americans by allowing modifications on existing home loans to reduce the situation of having to face a foreclosure and lose their homes. By allowing Americans to modify their existing home loans, the program will help to reduce monthly payments and make paying their mortgage much easier. This loan modification program reaches to obtain lower mortgage rates and to offer a feeling of optimism in Freddie Mac and Fannie Mae. Freddie Mac is a Federal Home Loan Mortgage Company who is also affiliated with the Government. It assists in growing another mortgage market. Fannie Mae, also known as, Federal National Mortgage Association, is a stockholder corporation and owned by the Government. It was established in 1968. Both, Freddie Mac and Fannie Mae abide by the laws and regulations of the F.H.F.A., also known as, the Federal Housing Finance Agency. President Obama’s Loan Modification Program gives straightforward, no fine print, assistance to American homeowners and assists in preventing those homeowners from ending up facing a foreclosure. It can offer beneficial assistance to lower frustrations and offer support in finding a way to lower your monthly payment and be able to maintain living within your family’s home. This program offers assistance to those who do not qualify for assistance under Law Number 31. It offers the same benefits they would have received should they have qualified through that written law.

(more…)

President Obama’s HAMP program focusing on Loan Modifications has had the latest news come out on its success. A report release a couple months ago show that borrowers who have opted into a HAMP loan modification are more likely to still be current on their mortgages. These statistics looked at direct comparisons of people who selected a non HAMP loan modification. (more…)

We all want to have our own house someday. It is the classic American dream but it is easier said then done. The biggest challenge to home ownership is the payments. Many of us were duped by criminal lenders into signing up for mortgages that we ultimately wouldn’t be able to afford. A loan modification is the best option to make those payments affordable.

(more…)