This last week saw two major programs roll out that will benefit troubled homeowners across the country facing delinquent home loans and rising foreclosures.  Bank of America, owner of Countrywide, announced a new, aggressive and systematic mortgage loan modification program as part of the largest predatory lending settlement in U.S. history.  Here are the highlights of this offer and the benefits it will give to Countrywide home loan customers:

• $8.7 Billion allocated for assistance and mortgage loan modifications for current Countrywide customers
• 400,000 loans to be reviewed for potential mortgage loan modification offers
• Foreclosure proceedings will be suspended on delinquent loans pending approval
• Late fees and pre-payment penalties to be waived
• Additional lump sum payments made to borrowers who cannot afford their monthly payment even after a mortgage loan modification and to those who lose their homes in foreclosure in the future

Effective October 1, Hope for Homeowners rolled out a government sponsored mortgage loan modification plan that offers government insured, low, fixed rate loans for distressed and delinquent homeowners.  Originally signed into law last July, the Hope for Homeowners was part of the Housing Rescue Bill and will offer the following benefits to qualified homeowners:

• $300 million earmarked to assist distressed homeowners refinance out of bad loans
• Qualified borrowers must have taken out the loan between January 2005 and June 2007
• The property must be the homeowners principle residence
• The deal calls for the current lender to forgive 90% of all debt over the homes current appraised value.  This reduction in principle will serve to more accurately reflect the property’s current market value & restore lost equity
• This is a voluntary program and homeowners must ask their lender if they will agree to participate

Lenders, loan servicers and the government all seem to finally realize the magnitude of the housing crisis facing millions of American homeowners.  Mortgage Loan Modification programs are being encouraged and procedures are being put in place to allow more borrowers the chance at changing their bad loan into an affordable, sustainable monthly mortgage payment.  Homeowners thinking about a mortgage loan modification need to start learning and be prepared to present an acceptable application to their lender for quick approval.  Not all borrowers will qualify, so it is important to know exactly what your lender needs to see to approve your loan modification application.

There is a lot of information available on the internet about mortgage loan modification options.  Many companies are now offering to represent distressed homeowners during the loan modification process with their lenders.  Most of these firms charge an upfront fee, up to $5000, and there is not guarantee of the outcome.  Borrowers can also learn about the mortgage loan modification process themselves and work directly with their lender to find a loan workout solution.  Many homeowners can successfully modify their home loan with just a little preparation and instruction.  It may be time consuming to wade through all the information online, but it is time well spent for a homeowner who want to find a way to keep their home from foreclosure. 

The Complete Loan Modification Guide is an easy to follow, step by step handbook that you can purchase and download online.  You can start learning everything you need to know about how to prepare a professional and acceptable mortgage loan modification package that your lender will review quickly.  You will be provided with everything you need and given detailed instructions so you can confidently work with our lender to find a loan workout solution that fits your unique situation.

Purchase and download The Complete Loan Modification Guide handbook now and get started on your path

Home Edition Loan Modification Kit with Customer Assist

to financial security.  Please visit us at: http://www.myloanmodificationcenter.com