Feldman Law Center - Can Obama’s Plan Create Easier Loan Modifications?
President Obama has issued a new plan to help stabilize the American economy. Part of that plan is aimed directly at troubled homeowners, entitled “Making Home Affordable.” This program has dedicated $75 billion to salvaging the home loans of Americans with troubled finances, which amounts to about three to four million American homeowners who are on the brink of foreclosures or other similar problems. The program offers calculators, checklists, and other tools, which allow homeowners to assess their situation and determine their eligibility. There are also classes and events in many areas to help troubled homeowners get on the right path.
In order to qualify for the home loan modifications through the Making Home Affordable program, a troubled homeowner has to answer questions such as, “Is your home your primary residence?” and, “Did you get your current mortgage before January 1, 2009?” After answering just five questions, the homeowner’s information will be analyzed, and they will be informed of the next steps they should take. This program is available to homeowners until June of 2010.
Although the government is working to aid homeowners directly, rather than just helping financial institutions, and many banks are offering loan modifications, a common problem seems to be that the process is inefficient. Many homeowners say that they call over and over again, fax in papers and send in documents, only to hear that their paperwork is being processed, or that they will be called back soon. Even Congresswoman Maxine Waters, who represents California’s 35th congressional district, attempted to contact lenders on behalf of three of her constituents, and experienced hours of dizzying frustration. She concluded that the average person would have difficulty getting through to their lender.
Yet the federal government is spending money, issuing plans, and attempting to keep the American people in their homes. The intention is there, and support is there for home loan modifications. So what is the secret?
Perhaps the best route is to have an experienced professional help you with your home loan modification. Many websites, including government websites, warn of the gimmicks out there, of companies who claim to help with home loan modifications, but who have no legitimate services to offer. If you are trying to make the most of President Obama’s plan to help you, a troubled homeowner, then perhaps you should call the Feldman Law Center. Attorneys on staff offer experience with home loan modifications. They also know about legislation regarding home loan modifications, and can help you attain a better deal, and get it faster than you could do on your own. Many of the homeowner success stories happen because of an experienced professional at their side, working on their behalf.
The plans set forth by President Barack Obama are there for you, the homeowner, to take advantage of. But home loan modifications are difficult to navigate alone, and are often negotiated at better terms for you, the homeowner, if a home loan modification attorney is on your side. Call the Feldman Law Center today for a free consultation, and make the most of the opportunity granted you to modify your home loan.
Visit Feldman Law Center at http://www.feldmanlawcenter.com or call 800-588-0425.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.