Loan Modification

Loan Modification

In February 2009, the Obama Administration introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis to get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure.

The Home Affordable Modification Program provides eligible homeowners the opportunity to modify their mortgages to make them more affordable. Over one million homeowners have already gotten help under the program. The program is on track to offer help to 3 to 4 million homeowners by 2012.

On March 26, the Obama Administration announced expanded flexibility for mortgage servicers to assist more unemployed homeowners and homeowners who are underwater through the program.

The Second Lien Modification Program (2MP) offers homeowners a way to modify their second mortgages to make them more affordable when their first mortgage is modified under the Home Affordable Modification Program.

The Home Affordable Refinance Program gives homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments.

The Home Affordable Foreclosure Alternatives Program provides opportunities for homeowners who can no longer afford to stay in their home but want to avoid foreclosure to transition to more affordable housing through a short sale or deed-in-lieu of foreclosure.

Our homeowner website, www.MakingHomeAffordable.gov, provides detailed information and resources about these programs. Through this website, homeowners can also connect with free HUD-approved counseling organizations, locate free events in their area, find the application documents necessary to apply for the Making Home Affordable Program, as well as find answers to frequently asked questions, and much more.

We hope that you will find this website informative and useful as we all work together to solve our nation’s housing crisis and put our country on the path to a lasting economic recovery.

Some of the most common questions regarding loan modification are:

1) Do I qualify for a loan modification?

2) What type of loans can be modified i.e. mortgage, car loans or personal loans?

3) How will a loan modification impact my credit rating?

4) What is the loan modification process?

All of these questions, and others, can be answered by an experienced Orange County CA Bankruptcy Lawyer. A loan modification will do you no good if you cannot stay current once the loan is modified. In many cases, filing bankruptcy is a very good decision as you will get some breathing room financially. The word bankruptcy, and the premise of filing bankruptcy, should not be scary or intimidating. Bankruptcy is a very viable legal option for starting over financially and does not always involve losing all assets and property.

If you are barely keeping your head above water financially and are interested in a loan modification or want to learn more about filing bankruptcy please call a bankruptcy attorney serving Huntington Beach, Newport Beach and Irvine, California residents. Dial (949) 270-2904 to speak with Attorney Dennis Connelly. Mr. Connelly offers free consultations to those enduring difficult financial times in Orange County, CA.