Prevent Foreclosure with a Loan Modification
Obama’s Home Loan Help Goes Online
The Obama Administration has made a commitment to help troubled homeowners. As part of
fulfilling that commitment, a new web site from the Treasury Department and the Department of
Housing and Urban Development provides great information and assistance for homeowners
interested in the administration’s Making Home Affordable loan modification or refinancing pro-
grams.
A loan modifications is an option for people who can no longer make their mortgage payments,
because their family income has been reduced or because the interest rates on their loans
have increased. The goal of the loan modification is to reduce the mortgage payment to no
more than 31 percent of the homeowner’s gross income. That is, income before taxes.
At this new government website borrowers can find out if they are eligible to participate in the
Making Home Affordable program to receive a loan modification, and they can even calculate
the potential monthly mortgage payment reductions they could realize.
As an increasingly high number of homeowners are considering a loan modification, more and
more of them are turning to professional loan modification companies to work with them
through this tough time. “There are many benefits to re-negotiating your home loan, you just
have to make sure that the company you are working with is legitimate. If you work with a le-
gitimate loan modification company you can potentially lower you monthly payment, re-
negotiate your interest rate, and even modify your loan to achieve a fixed interest rate.” Says a
representative from RE Acquisitions, a loan modification & short sale negotiation firm in Port-
land, Oregon.
“When looking for a loan modification partner, make sure they are a company with in-house li-
censed mortgage professionals working for you. You want to work with a company that has the
connections to get your loan modification approved, even when others say no.”
For additional information on loan modifications, short sales, or preventing foreclosure, visit
http://www.SellHomeOwner.com.
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