What Types of Mortgage Modification Programs are Available?
File Ch 7 for just $125 learn more now. Thanks for visiting!
If you have trouble making your monthly mortgage payments and are already behind, do not delay further action. To save yourself the arduous process and associated loss of foreclosure or filing for bankruptcy, consider a loan modification program. You may qualify for one of the many that are currently offered:
White House / Treasury Loan Modification Program
This program designed by the current administration, is one of the most inclusive loan modification programs to date. It not only addresses the challenges of homeowners who already are facing financial difficulties, but also considers homeowners who are current on their payments but anticipate financial challenges in the future or have lost most of the equity in their homes as a consequence of the housing bubble. For more information: FinancialStability.gov
IndyMac Federal Bank Loan Modification Program
The FDIC took over IndyMac and implemented new extensive loan modification programs for their customers. If your mortgage is held or serviced by IndyMac, you may be eligible for this program.
Federal Housing Finance Agency Loan Modification Program
The supervisory regulator of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) offers loan modification programs to mortgage holders whose mortgage is held or serviced by Fannie Mae or Freddie Mac.
Major US Bank Loan Modification Program
If you do not qualify for any of the mortgage modification programs above, talk to the bank which holds your mortgage. A lender is more amenable to negotiate a loan modification with a debtor than going through the costly motions of a foreclosure. The largest banks are all now offering loan modification programs, sometimes even issuing foreclosure moratoriums to help families avoid foreclosure.
