Loan Modification - They Might Come Through For You If You Ever Get Through!

Check President Obama's approved lender list to find out who qualifies for the federal stimulus program. On of the biggest hurdles you may have to cross is getting through the phone system!

You may qualify for a Loan Modification, and if you do, this home stimulus program is really a good opportunity to not only avoid foreclosure, but actually get a more comfortable lifestyle with more expendable income through a lower house payment. You also can reduce your principal an additional amount through the incentive rewards you will receive for being current with your payment through the first five years. $1000.00 per year is offered, and this is applied to your principal. This is a tremendous opportunity for financial growth for you.

But, getting a mortgage modified is not quite as easy as you might like to think it is. It seems that most people are having problems just getting through the phone system. And, when and if they do, the results are often not satisfactory at all. They get disconnected or they get transferred from department to department without hardly getting a sentence heard.

Congresswoman Maxine Waters has expressed her dissatisfaction with her attempts to contact a bank on behalf of constituents who qualify for modifications under the federal plan. She wondered if a United States Congresswoman was treated this way, how were regular folks in desperate situations being treated.

So, you need to go into this situation with your eyes open; it will take some persistence on your part. If you qualify, the program is there for you. Legally, a bank is required to give each mortgage situation that is requesting assistance at least a consideration. Whether this is happening or not, we have no way to know.