There has been a lot of recent talk about President Obama's Mortgage Loan Modification program.
What is a Mortgage Loan Modification? How does it work? Who qualifies? How do I find out if I qualify? Can I do this on my own? HELP!!!!! Foreclosures are at an all time high.
According to the US Foreclosure Market Report for the 1st quarter of 2009, One in every 159 U.
S.
homes received a foreclosure filing during the months of January, February, and March.
The report also stated foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from the previous month and a 46 percent increase from March 2008.
These are difficult times we are all facing and the number of foreclosures in the nation is skyrocketing.
There are plans in place to assist home owners in their current struggles.
However, it is becoming very difficult to get any information from these lenders, as they are very overwhelmed and under staffed.
So, where do you go to get some answers? A new internet blog exists and has been created to answer questions about Mortgage Loan Modifications.
Find out the specifics on the new Obama Plan, view the FAQ's on Loan Modifications, and ASK your questions.
Home owners are remaining in their homes and seeing some amazing results with these Loan Modifications.
However, there are a few qualifications, which differ lender by lender, that you need to meet before you are deemed eligible.
These qualifications or hardships are not as "severe" or "threatening" as one may think.
You do not necessarily need to be heading into foreclosure for a lender to successfully qualify for a loan modification.
Many home owners have never missed a payment on their mortgage, have A+ credit ratings are seeing their loan modified.