Loan modifications is the key to getting a distressed mortgage affordable once again

Aug. 26, 2010 - PRLog -- The US government is now trying to support loan modification with a federal loan modification program often referred to as Obama’s Federal Loan Modification Program. Actually the name is the Federal Making Home Affordable Program. Whatever the name, loan modifications are the only viable alternative for many homeowners how are finding they just can’t get a traditional home refinance and if they don’t do something, they may be facing foreclosure. Those who have seen their homes go “under water” or who have had ARM’s “reset’ at much higher rates or those who have loss their jobs are prime candidates for mortgage loan modification.

What can be accomplished under Obama’s Making Home Affordable Program that can’t be achieved any other way is a drastic rate reduction tailored to the applicant’s income. In point the objective is to reduce the monthly mortgage payment to 31% or less of the available income of the applicant. This can be done several ways. First the interest rate can be reduced to as low as 2% and secondly, the term can be extended up to 40 years. Also penalties and etc can be forgiven or rolled over into the new loan. Standard home mortgage refinance loans can’t do all this.

The key to getting this help is to qualify. A federal loan modification is only available to those who are qualified. Getting qualified can be time consuming and complex. From experience to date its showing that getting qualified third party help is a smart move and increases the chances of success. This can be an attorney who specializes in loan modification or a mortgage specialist. The best place to start your search in finding help is on the internet. Many very qualified specialists have a presence on the web.

Explore Your Option for Loan Modification  http://www.obama-loanmodifications.com/loan-modification-...

# # #

Mortgage loan modification services and programs offered by professional loan modifications companies. Home loan modification programs effective solution for those who face mortgage payment problems.
http://www.loansstore.com/mortgage-refinance-loans/