Is Obama's Home Loan Modification program working?

With the crisis in the housing industry and the current downturn in the economy, loan modification has become a very hot topic. After all, now there are thousands of Americans that are facing foreclosure on their homes. Of course listening to the news and the current actions in the Homeowner Affordability and Stability Act of 2009 from Congress gives homeowners hope that they can renegotiate their home loan and get a home modification that will provide them with lower payments and a way that they can keep their home.

The problem with this is that homeowners are advised that they should contact their bank themselves to renegotiate their home mortgage terms. However, this often ends with no changes to the mortgage, leaving the homeowner frustrated and with nowhere to turn. In short, homeowners are not getting help from these lenders who seem to have no vested interest in helping them.

There is help today for those who are facing foreclosure, but getting that help can be very difficult. When homeowners are in danger of foreclosure, most try to contact the bank by themselves without an attorney's help. In many of these cases, people never actually do get to talk to a real person, even though they may spend hours on the phone trying to get help with no luck.

Many homeowners desperate to avoid foreclosure have reported their inability to contact their lenders for a loan modification with no success. Many have spent hour upon hour on the phone, putting up with automated responses, being put on hold, and being passed from person to person in their particular company with no final resolution at the end.

The only thing they're left with after all of that hard work is frustration, and hopelessness that has no apparent end. ABC news even focused on one Congresswoman who was trying to help her constituents get loan modification help necessary to save their homes, only to experience the exact same difficulties her constituents did, with hours spent on the phone and no results in the end.

There is a positive note to this, though, and that is that there is indeed help up there for those who want to try to save their homes. However, it's a mistake for most of these homeowners to try to do this on their own. If you're a homeowner who has only experienced frustration and resistance as you tried to save your home, you may be able to avoid foreclosure and stay in your home through the help of loan modification.

For those who are looking for a way that they can get a loan modification to avoid foreclosure, seeking professional help is the key here. If you are getting no results on your own, then it's time to look for the professional help that can get the results you need. One of the best options is to find a loan modification company that is experienced and to get a free consultation from the company regarding your specific circumstances.

These companies are experienced at dealing with banks and loan modifications and can provide the professional and quality assistance that can get results. The initial consultation is totally free, so homeowners have nothing to lose.

If you've tried to resolve your mortgage difficulties by yourself and have just been given the runaround, spending hours on the phone, "talking" to automated messages, or being transferred from department to department or placed on hold, consider working with a company that specializes in loan modifications. If you are in danger of foreclosure, you literally have nothing to lose. Contact an experienced loan modification company today, and have an expert on your side.

Article Source: the-Articles.com


About the Author

This article was written by Daniel R. Michaelson, an author and leading authority on consumer debt relief programs. You can learn more about approved home loan modification.