Loan Modification

Federal Deposit Insurance Corp. (FDIC) proposed November 14th to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.

The agency’s plan, posted on its Web site Friday, would guarantee 2.2 million modified loans — mainly risky loans made to borrowers with weak credit or small down payments — through the end of next year. Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable. (more…)

If you are having trouble making your mortgage payments or are already late on your mortgage, you may want to consider when a loan modification is the best financial decision for you and your family.

If your home is to go into foreclosure, you can face bankruptcy, and have a serious scar on your FICO credit score for up to 7 years. (more…)

If you have an ARM and are looking for a loan modification, without foreclosure, there are some tips you can use to get your lender or the bank to give you the loan modification. (more…)

If you live in Florida, one of the most heavily afflicted areas of the mortgage foreclosure crisis, you are eligible to participate in the $25 billion FDIC Loan Modification Program. Their program will be servicing more than 2.2 million mortgages, but it is up to you to contact the FDIC. (more…)

IndyMac Federal Bank, FSB (“Indymac Federal”) will implement a new program to systematically modify troubled mortgages.The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. (more…)