Frustration is going back and forth from homeowners to lenders.  Unfortunately, Washington, is not helping much either. The Obama administration set up a $75 billion Making Home Affordable program to pay mortgage lenders to modify home loans, but a Treasury Department spokeswoman couldn’t even say whether lenders and banks have to reveal how many mortgage loans have been changed.  So why bother trying to get an unaffordable loan modified?  John Ulzheimer, president of consumer education for Credit.com, points out that a loan modification, if you can get it, won’t damage your credit the way a foreclosure or a short sale would.  And he notes: This process, although difficult, is free.

You don’t have to use those law firms and companies that are advertising heavily, saying they can pull off a modification for a fee, usually of a few thousand dollars.  To learn more about the Obama’s loan workout program and mortgage relief in general, go to www.makinghomeaffordable.gov.  Homeowners Hope Hotline, 888-995-HOPE.  Article was written by Harriet Johnson Brackey for the South Florida Sun-Sentinel.

www.youtube.com/watch?v=TX_-nTtNXfU

California Foreclosure Moratorium Guidelines:

ü  The moratorium applies to first mortgages made from 2003 through 2007.

ü  The home loan must be for your principal residence.

ü  The homeowner must have received a notice of default.

ü  The home loan servicer does not have a California loan modification program in place.

ü  Because many homeowners are upside down on their home loans

There is a concern that the 90-day negotiating period will only postpone the inevitable because so far the banks are not reducing the principal.  Read the complete Article from the Loan Modification Outlet.> Loan Modification Plans and California Foreclosure Moratorium