The Making Home Affordable Program was developed by the Obama administration to help fix the collapsing real estate market The plan is targeted to assist about 9 million home owners who may be eligible to refinance or do a loan modification

The Making Home Affordable Program was developed by the Obama administration to help fix the collapsing real estate market The plan is targeted to assist about 9 million home owners who may be eligible to refinance or do a loan modification

This Plan was developed to help struggling home owners restructure their mortgage, which would reduce the foreclosure rates and keep home owners in their homes and would also slow the decline in home values The Obama Loan Modification Plan has about $75 billion allocated to accomplish this task of making bad loans good and should help about 4 million home owners to save their home’s from foreclosure

More and more Americans are at risk of foreclosure and losing their homes as the US

The loan modification process is actually a very multifaceted process What I mean by that is, the entity that actually makes the decisions on loan modifications are not always made by the company that owns the loan

Today more and more lenders are implying that they are doing everything within their power to help home owners that have fallen behind on their payments, but I am sure if you speak to anyone that has attempted to get a loan modification, will beg to differ as they tackle road block after road block from their lender

This article was written to give a brief overview of how the loan modification process is handled when the home owner is dealing directly with their lender Before I begin I have to let you know that I am not trying to persuade or scare you from doing a loan modification on your own, but instead I am trying to give you real information, so stay with me

With the current collapse of the real estate market, there has been an increase of con artists that has arrived in the loan modification field, which target home owners that are in facing foreclosure What these fraudulent loan modification companies do is prey on the fears of these home owners that are in the midst of losing their homes to foreclosure

Today there are many home owners that have paid their mortgage on time, but have found themselves in an adjustable rate mortgage, that has adjusted or is scheduled to adjust in the near future Now they have good credit, good mortgage history, but the problem is they cannot refinance as they owe more than their home is worth

What is a Short Refinance A short refinance is when a lender accepts less than what is owed on the mortgage to allow the home owner to refinance