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7/07/2009 by http://HomeLoanModification.dyndns.org

Obama Saves Man From Drowning in Pool



Obama Saves Man From Drowning in Pool of Home Loan Debt using "Helping Their Families Save Their Homes" Act. Interest Rates Hover in the 4% Range, Making Today the Best Time to obtain a Home Loan Refinancing or a Home Loan Modification.

The Helping Their Families Save Their Homes Act sends a strong message that President Obama wants lenders to move forward to keep responsible home owners in their homes with Loan Modifications, refinancing, or whatever it takes, even if both the lender and the homeowner have been suffering from the sluggish economy. Generally, a restructured mortgage is better for the economy than either a foreclosure or a fire sale. A Home Loan Modification or Loan Workout, or even a straight refinance at lower rates may be the best solution for both the mortgage lender and the borrower.

Prior to the act being signed, the true mortgage holder was hard for homeowners to ascertain. The home owner may not have known who to contact to start the Loan Modification process. The Act addressed that problem by establishing a right for homeowners to know who holds the mortgage on their home.

Various news stories and blogs suggest that Loan Modification applications are being approved by the mortgage holders at the fastest rate since the start of the now infamous housing bubble burst. Some lenders have recently hired entire staffs just to increase the number of home loan modifications that they can approve. If this keeps up, President Obama, through the strong act that he signed, can save the homes of millions of families that were previously drowning in home loan debt.

From the White House Web Site: “Let me talk a little bit about the housing bill. The Helping Families Save Their Homes Act advances the goals of our existing housing plan by providing assistance to responsible homeowners and preventing avoidable foreclosures…And it expands the reach of our existing housing plan for homeowners with FHA or USDA rural housing loans, providing them with new opportunities to modify or refinance their mortgages to more affordable levels.” One can only assume that by "modify", the President means a Home Loan Modification Plan or some other type of loan restructuring.

This is the type of legislation that will save the responsible homeowner from drowning in home loan debt. If the act is received well and works properly, this program along with the other affordable home programs already in place could give a boost to home prices nationwide. If everyone who is responsible, but got hurt by the downturn in the economy, was then granted a loan modification, America would be well on its way towards housing price stabilization. If the economy keeps improving home prices are expected to rise nationwide. Applying for a home loan modification is not something a borrower should be ashamed. It is something that appears to be helping the American economic recover. The White House suggests that interested homeowners go to MakingHomeAffordable.gov to see if they qualify for the program.

While qualifications guidelines for a loan modification may seem stringent, they are not. As long as the borrower is in danger of foreclosure and can afford a modified payment schedule, most lenders will probably grant their request for a home loan modification instead of foreclosing, This is true even if the numbers are slightly outside of the guidelines. Since the guidelines are meant for Fannie Mae and Freddie Mac, other lenders may have a more lenient set of Loan Modification guidelines to follow. A home owner should strongly consider using an experienced attorney to help with the complications involved applying for a Home Loan Modification, especially when the specific facts put the borrower outside of the published guidelines. A borrower that thought they couldn't qualify because of the guidelines may likely find out that they are a promising candidate for a home loan modification.

Borrowers should seek legal representation prior to applying to mofidy their loan. Not retaining an attorney is tantamount to going to court for a $400,000 lawsuit unrepresented. Many experienced loan modification attorneys now specialize in helping homeowners to execute the loan modification paperwork correctly.

http://HomeLoanModification.dyndns.org is an advocacy organization that speaks for people who live in fear of foreclosures. If you are seeking to reduce monthly mortgage payments, this organization can help. Stay away from unlicensed scammers. Clients get referred at no charge to qualified real estate attorneys and bankruptcy attorneys. The mortgage modification attorney will offer free initial consultation.

July 7, 2009 | 4:48 PM Comments  0 comments





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