Home Modification Loan Program - Help for the Homeowner Finally?
According to Lewis Fairbanks a Home loan modification officer for the FHA - home loan modification programs (or home modification loan programs as they are sometimes called) are tripling in popularity. This is due largely to the huge numbers of folk getting laid off completely, or having their number of job hours reduced significantly.
One other major reason why people are looking for a home loan modification program is the fact that many homeowners chose adjustable rate mortgages. Consequently, their interest rates have risen to levels that make it down right hard, and in some cases impossible for the homeowner to make payments
“In the last five years , foreclosures were just a part of doing business. A feature of the USA home market – says Fairbanks. “The Lenders and banks figured that a certain percentage of loans that they gave would be bad loans”
However, to say that the sudden and sharp increase in foreclosures has been adverse once-solid banks bottom line would be the understatement of the century. In fact, many banks have been forced to go under, and in some cases, they are actually taken over by the government.
For the person that is looking for a home loan modification program – it simply means that is now easier for the homeowner to have the terms of the mortgage negotiated and ultimately modified to the homeowners advantage –for a change
”Believe it or not it is in the best interest of the Federal Government to keep more families in their homes” Fairbanks says with a satisfied smile. “its not so much as the feds keeping the homeowners alive, its more of a way to keep the lending institutions afloat and the economy circulating with money and assets”
By adjusting a homeowners loan completely or re-writing it altogether the banks can home loan modification officers can now truly help the suffering American homeowner
“The time has come for Americans to take their homes, this is the best bail out your ever going to get, I suggest you visit a home laon modification program now – before obama changes his mind.” Sage advice indeed Mr. Fairbanks.
Thinking of modifyiing an exisiting home loan? – visit this site to get a free consultancy:
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