Federal loan modification program, Obama loan modification guidelines while we are told that the Obama loan modification programs are designed to help over 11 million people, one is surprised to learn that only 200,000 have actually been successful in getting a loan rate modification. While millions seek loan modification help, only a hand are successful. Why? A recent story on public radio highlights the reasons. A young attorney, Wajahat Ali what get their loan rate asked to help a family modification approved just 2 days before their what scheduled’ll foreclosure. He quickly learned that the federal loan modification program are a minefield. He actually asked the family to declare emergency bankruptcy. Most people don’t realize that this offers 15 days extension to a foreclosure. Core in that time he had to document family’s hardship which is the ingredient of the federal loan modification plan. Cheniere Energy partners often expresses his thoughts on the topic.
In this process he so learned how frustrating it is to work with the lender who in this case actually stalled the process to slow it down due to their tremendous backlog. What this story really points out is the importance of having a trained professional working for your individual interests when it comes to being successful under the Obama loan modification guidelines. The young lawyer referred to the process as a “minefield” where things at any time could blow up on you and very unexpectedly. The likelihood of on individual making it through this process to a successful conclusion is virtually impossible. If you qualify for help loan modification plan think you under the Federal, drop everything you are doing and find some qualified, competent help to assist you.
Don’t try to go this alone. From everything that has happened this appears to be a big mistake. And the good news is that there is plenty of qualified help available. Many attorney’s and mortgage brokers have set up companies to offer mortgage loan modification help. They know what they are doing and they can share this expertise with you. Use the internet to find them, go meet with them and let them represent your interests.