Mortgage Modification Program Enacted By Federal Government

I receive several emails and calls daily from people with problem home mortgages. This week several people have asked me whether they qualify for help under the government’s new mortgage assistance program. I read an article in the Wall Street Journal that described the two mortgage assistance programs implemented this past week. The Journal article included a chart that helped explain the program benefits and qualifications. I have reproduced the Wall Street Journal chart to assist Blog readers.  WHO WOULD QUALIFY

I know nothing other about the new mortgage program other than what is in the Journal’s chart. I am following the proposed Chapter 13 bankruptcy amendments which would allow people with upside-down primary residences to reduce mortgage principal to current market value with conditions. A Chapter 13 law has been passed by the house and a similar law is awaiting Senate consideration.

posted by Jonathan Alper, bankruptcy and asset protection attorney, Orlando, Florida

posted by Jonathan Alper, bankruptcy and asset protection attorney, Orlando, Florida

Comments

[Phillip]

I have an offer from wells Fargo that offers me nothing but $100.00 higher monthly payments. After a year of dealing with them. I got the offer sent to me it,s a joke I will actually end up owing more on the house than when I started and my payments will be higher than when we started this process. It seems to me I would be better off with a short sale. I will be paying 202,000.00 on a house that is valued at 90,000.00

[Loan Modification]

Loan modifications are Free.

The problem is getting the right information and resources to the home owner.

Here is a valuable loan modification Government Resource:

www.makinghomeaffordable.gov

This site provides all the current government programs available with free help.

[Eric james]

I have beeen trying to get a loan modification through countrywide for about six months now.They told me that i qualify but fail to tell me anything else except for the past few months that i was under review and i have a pay option arm due to be up in November and i am 2 months behind due to scams that i tried to get a loan modications i tried to get prior to the service i started with Nations Choice Financial Solutions back in Feburary. What should i do or how should i get trusting help with getting a loan modification. This is been going on way to long and i just want it to be done. I am a single father and i have a job and all i am trying to do is keep my home. Call me at 240-217-9202 if you can help or have any suggestions. thanks

[beachdude]

The most common mortgage modifications are listed below:

lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above

Check out this public service site: http://mortgagemodificationinfo.org