Government Loan Modification Program

Tipping the scales of justice back in favor of the consumer is why the US Government Mortgage Bailout Package was put into action.  Until recently is missed its mark.  Many American homeowners have still struggled with one important question:

How do I take advantage of historic low rates when I owe more on my home that what it is worth?

 Until recently these were few options for struggling homeowners-

        1.)  Bankruptcy

        2.)  Wait for mortgage values to return while watching them drop.

        3.)  Try to short sell your home, and risk destroying your credit- and then you still ned a place to live and qualifying for a new purchase or even a rental may now be a problem.

        4.)  Attempt to modify your loan into a adjustable rate mortgage (still a viable option for many) to give temporary relief from large mortgage payments and live to fight another day. Full service loan modification is a nice option but the heavy up front costs can keep it out of reach for many.

        5.)  Give your home bank to the bank and suffer the emotional, financial and legal ramifications

        6.)   If you were lucky enough to have a FHA loan then you can refinance without an appriasal and with very little or zero down in most cases. 

New options available for some homebuyers that either can't qualify for refinance due to lack of equity or don't have the money for a full service FDIC loan modification

        1.) Do it yourself loan modification kits are now available with a phone support option that makes the process and cost come back into reach of the average comsumer.  The do it yourself kit retails for about $395 and has been getting good initail response.

        2.)  Short Refinance- the hybrid of loan modification.  This process is not for every homeowner, but if you qualify and your bank is one of the growing population of lenders that is seeing the light there is a solution.  The process starts almost like a loan modification and then transforms into a refinance.  There is a up front cost but most feel it is worth it.  The short refinance takes your loan balance and decreases it to fit into a FHA program that matches the vqlue of your home.  Ex: You owe $500,000 on your home and the value is now $350,000.  The Short Refinance Company would take refinance a percentage of the lowered mortage balance and create a new loan with a different company.  Therefore relieving the deliema of negative mortgage equity, having a place to live and achieving a lower payment.  Again it is not for everyone and not all lenders will allow a short refinance, but it is probably worth an internet inquiry or phone call to find out.

For More Infromation on topics Discussed above please visit:

For both Full Service and Do It Yourself Loan Modification with Phone Support please visit -

 For Short Refinance and FHA Streamline Refinince and other Foreclosure Bailout Lenders Please visit -

www.MY0DOWNLOAN.com

For jobs related to loan modification please visit