Mortgage Loan, Purchasing & Refinancing - All Financial Services » Obama mortgage modification

Obama Foreclosure Prevention Program Needs To Be Sped Up

admin — Tue, 18 Aug 2009 06:14:42 +0000

The Obama administration still claims that they are on track to help some 4 million troubled mortgage borrowers over the next three years with the help of alteration in the terms of their loans. Although some 60000 borrowers have been benefited from Obama foreclosure prevention program, but some analysts are skeptical.

Moody’s expects that Obama home mortgage modification program will help only half as many people as the government hopes. Moody’s further says that even that figure may be difficult to achieve. Writing in a recent note Chen, Moody’s analyst said that the number of modifications will have to step up substantially in the remainder of this year in order to hit the 1.5 million to 2 million modifications.

The Treasury Department acknowledges that servicers need to speed up their workout activity in order to hit a November goal of 500,000 loan modifications, but officials insist that even with just 235,000 trial workouts made, initial goals for the program could still be met.

A further issue is whether the modifications are enough to keep homeowners’ heads above water, or whether they slide back into default. “To the extent that future modifications help to reduce the default rate, as opposed to just postponing defaults, the lifetime losses could be lower than our projections,” said Amita Shrivastava, an analyst at Moody’s.

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60000 Borrowers Availed Obama Mortgage Loan Modification

admin — Fri, 14 Aug 2009 06:06:23 +0000

Obama’s Mortgage Modification Program that allows borrowers with little or no equity in their home to refinance has helped about 60,000 homeowners so far. The refinancing program is part of the Obama administration’s massive housing program, known as Making Home Affordable.

Obama’s Mortgage modification program aims to help 5 million borrowers over three years. The report comes as new data show that about one-third of borrowers owe more than their home is worth, putting them at a higher risk of falling into foreclosure.

Since the program was initiated in April, 60,484 borrowers have been able to refinance. About half of the deals, 30,192, were completed in July, according to the government data.

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Obama’s Mortgage Modification Program: Three Tips To Qualify

admin — Wed, 12 Aug 2009 04:29:52 +0000

Obama administration’s mortgage modification initiative is one good step to help foreclosure. All it requires from borrowers is proper documentation and fax in their applications for quick contact. Since, many of the people are unaware of the requirements and procedures; they feel that faxes can be problematic. This may cause the aid to be delayed or denied.

The fax isn’t the only source of complications, instead there’re few more, and they are much more important. If you’re applying for Obama’s mortgage modification program, you must ensure that your application is all well. In a nutshell, keep the three tips below in your mind while applying:

You mentioned the right fax number and your fax machine is working too.
You’ve not submitted any multiple forms.
Your documentation is not outdated.

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Avoid Foreclosure By Having Mortgage Modification

admin — Thu, 06 Aug 2009 05:32:08 +0000

Are you afraid of foreclosure? You are not alone, there are many, but the good thing is that you can avoid it fully. Getting a mortgage loan modification is one of the ways that prevent you from having foreclosure. So, you can stay in your home and avoid foreclosure with the help of mortgage loan modification program.

Since the start of the recession, it became quite difficult for many of the home owners to make their mortgage payment on time. You know that your mortgage payment is the most essential bill you have to pay, so, it is very important to find some type of backing if you cannot make the payment.

A good step taken by government is that they decided to help out and do everything in their power to keep Americans in their homes. If you have trouble with your mortgage payments maybe a mortgage loan modification is right for you.

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