Obama Mortgage Loan Modifications | Loan Mod Training
President Obama Housing Plan.
Great News….The Obama Housing Plan is off to a great start….Mortgage Loan Modifications (Loan Mods) ARE working!
WASHINGTON (Reuters) – More than 58 percent of U.S. home loans modified in 2008 did not result in a decreased monthly payment, and those modifications often did not produce sustainable mortgages, according to a report released on Friday.
The recent data on re-default rates for modified home mortgages indicate that the Obama administration’s modification plan is headed in the right direction, said John Dugan, Comptroller of the Currency.
Realtors, Loan Officers….everyone…learn exactly how-to mod your own home loan. Save yourself hundreds per month and thousands per year. Next, make money helping others to mod their l0ans. Become a Mortgage Loan Mod Specialist. Watch the FREE Loan Mod Video Now to learn how-to get started in the make money now business of Mortgage Loan Modifications.
Dugan said in light of the data released by his office on Friday, the OCC is going back to each of the servicers and directing them to review their modification policies to ensure that they are producing sustainable mortgages, and not just changing terms.
The OCC is the regulator for the nation’s largest banks.
Modifications for loans that had “teaser rates” can result in payments that are unchanged or increase, but do not increase as much as contractually required.
“I think what that tells us is it really does make a difference to have reduced payments as a factor in getting at the sustainability of a mortgage modification,” Dugan said.
“The approach the administration has taken with its program, which focuses very heavily on reducing monthly payments, this validates that kind of thought.”
The Obama administration announced in February a modification plan that commits up to $275 billion to help reduce mortgage payments for up to 9 million families.
Realtors, clearly one of the best ways to help others and make money now is offering Mortgage Loan Modifications. Learn how to make money now from Loan Mods. Watch the FREE Agent Loan Mod Video now.
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This is all well and good but if you cannot reach anyone at your bank who knows what’s going on, the loan modification program is useless. I’ve tried since early November to get some help; I’ve talked to a different person on the phone every week since my original application, each person has their own story. First I was told I qualified for some help and to call back in 2 weeks. Finally, after calling WEEKLY, in March, when I’d faxed in another application per the new Obama plan, I was told my original application had been denied. Why? They didn’t know. Didn’t I receive something in the mail? No. I was told there was no application showing received in March, so I faxed it in AGAIN. Now I’m supposed to wait another vast amount of time, not knowing if anyone is even looking at my application. Meanwhile, each month I’m sliding later and later on my mortgage payment. And these banks get bonuses while the rest of us slide into the toilet?
Has anyone heard about Attorney General Holders attack on Loan Modification companies? Appears he wants to eliminate or crack down on all but not for profit groups that offer free mods? Any news on this out there?
Hi,
Dont know who your ’servicer’ is….which bank owns your loan.
You need to know if Fannie Mae owns your loan. Ask your servicer. If they do…then you should be able to get your mod done.
But, remember…you have to qualify. You have to be able to show that you have 1) The ability to pay 2) the desire to stay.
Let me know…maybe we can help.
Also, check out the video http://www.AgentLoanModSecrets.com
Tim
Yes but, not like you are asking…..most states are going after companies that charge UP FRONT fees and take the money and run.
If you are in one of the few states that requires any sort of license and operating w/o one…the AGs are cracking down.
This is a good thing…washes out the scammers.
Tim
Thanks for posting this info article.