In February the U.S. Treasury implemented a program that was designed to assist the ditressed homeowners that are facing possibly foreclosure. The Making Home Affordable program is getting further assistance through additional compensation for lenders. This is designed to help more borrowers whose home values are below what is owed on the mortgage obtain loan modifications or more easily sell off the property. The Treasury secretary has stated that the steps that are being taken are vital to the national effort to surtail any additional foreclosures. The stpes have been implemented after the first quarter of 2009 numbers reflected that over 800,000 foreclosures occurred during the first three monthys of 2009 alone. This new compensation plan for lenders is designed to help more borrowers About 20.4 million of the U.S.'s 93 million houses, condos and co-ops had loan balances higher than the properties were worth as of March 31st While the U.S. Treasury does not expect this to fix all the problems it should go a great way to help a large portion of the homeowners who are facing the possibility of foreclosure. . The Making Home Affordable program, announced in February, seeks to cut monthly mortgage payments for borrowers by reducing interest rates, lengthening repayment and forgiving principal in some cases. The program, part of the biggest federal foray into real estate since the Great Depression, seeks to curb a jump in foreclosures that, along with a drop in consumer credit, is dragging down the economy. Borrowers must make three months of timely payments before they qualify for federal aid, which will keep their interest rate as low as 2 percent for five years. When a modification isn't feasible, a short sale is a possible alternative when a bank agrees to let a delinquent homeowner sell the property for less than the outstanding mortgage balance. If you are a distressed homeowner and are seriously considering applying for mortgage modifications there are a few things you should know. ADVANTAGES: A successful Loan Modification will supply you with the following: 1. an interest rate reduction. Under President Obama's current program this rate may be as low as 2 off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue
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