Loan Mod Secrets…Learn How-To Modify Mortgage Loans. Loan Mod FAQs…
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Loan Modification FAQs continued…
Why Would a Bank Modify My Mortgage Loan?
Simply because it is in the best interest of the bank. As you attempt to inquire about a loan modification do not confuse this transaction with an altruistic act of kindness. It is fundamentally a transaction that makes more business sense than the alternative–you defaulting on the entire mortgage and costly foreclosure proceedings.
It is also a product of the current economic conditions. There are so many homeowners that have been pinched by the simultaneous collapse of the housing market and the economy. This creates a unique circumstance–modifying your mortgage, to keep you in your home, benefits the bigger economic picture.
Loan Modification Programs
As mentioned before, loan modification programs are just becoming mainstream and therefore there is little standardization. The details of loan modification programs that you qualify for will start at your lender or a loan modification counselor that can guide you.
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Here are a few of the most prevalent loan modification programs and resources:
IndyMac Federal Bank Loan Modification Program
IndyMac Bank was one of the first financial institutions to broadly offer loan modifications to their mortgage customers. When the FDIC took over IndyMac it became the first test bed for an extensive loan modification policy. You are eligible for this loan modification program if IndyMac Federal Bank holds or services your mortgage.
You can learn more about this program at: FDIC Loan Modification Program for Distressed IndyMac Mortgages.
Federal Housing Finance Agency Loan Modification Program
The most recent of the loan modification programs was the one offered by the Federal Housing Finance Agency (FHFA), the supervisory regulator of Fannie Mae and Freddie Mac. This loan modification program applies to any mortgage held or serviced by Fannie Mae or Freddie Mac.
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