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Digital News Report – The Obama Administration continues to stress that the Home Affordable Modification Program, also known as the Making Home Affordable Program, is free to the borrower. The homeowners should not be required to pay anything for this program.
First-lien Loans originating before January 1st 2009 are eligible. Even multi-unit residences can qualify.
Homeowners need to be in financial trouble before applying for the program. The payments, including principal, interest and property taxes must exceed 31% of their gross monthly household income.
Many homeowners are finding themselves underwater, owing more on their home than it is worth. The government loan modification program was designed specifically for those people.
But there is some urgency. The program will not last forever. Homeowners need to take advantage of this program before December 31, 2012.
By: Tina Brown
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president obama needs to know chase is not modifying loans, i have tried to modify my loan for over a year and 1st time turned down said it wasnt permanent hardship and now i am turned down they say i dont make enough money…. my loan is at 10.75 interest and they dont care to lower this interest at all…. my payment is 1141 and at 5 1/2 interest my payment would be 792., they arent even interested in helping me save my house…. thanks kathy collins
I am curently in foreclosure with Litton Loan Servicing of Texas. I was just turned down for loan modification after they told me to pay the three month trial payment which increased my mortgage payment from 904.89 monthly to 1,217.71. I paid without missing a beat. I was told they they would put me in another modification program but my mortgage would increase to 1,700.00 plus per month. How do they expect a person who is having a hard time paying 904. per month to pay almost double the monthly note. I need help! I paid a company called Guardian Debt Solutions 995.00 to assist me in obtaining a modification. I have made four calls to Guardian Debt Solutions with twenty-four hours and no one has called me back.
I want the President to know that our tax dollars bailed out the banking and loan industry when the government should have bailed the homeowners out. The banks don’t care about families as long as they are able to make profits by bleeding the pockets of mortgage holders, then foreclose on us anyway.