Loan Modification Program

A loan modification program and you the home owner.

In these unprecedented times many lenders are taking steps to get out of hot water with their own fiscal backers and help not only keep people in their homes but also keep deeds on the up and up where they may have made loans to individuals that had almost no way of paying the debt. For everyone involved this is great news, and if you are in your own pot of hot water that is slowly reaching that rolling boiling point I suggest to you to learn and absorb as much as you can these programs. These programs offered by the underwriters and lenders which own your debt will help you to realize the dream of being up to date on your mortgage without worries about loss of home, health, or employment.

While it may have taken an entire industry collapsing the time to know everything possible about loan modification is now, and simply put it is in your most best interest for all things good for you the home owner to stop stressing and start living. The best first step on this path is to simply pick up the phone and call your lender right this very instant and see if you can qualify directly from your own lender. While their will still be other options should they turn you down, keeping everything under one umbrella will be paramount to your best interest in the long term as the less their is to worry about the better your modification setup will be.

All this being said we can not stress calling your lender today to take advantage of deals that really are to good to be true, after all if they default your loan without a modification then not only do you lose but they are hit for maintenance and upkeep on the home as well as resell taking a loss by up to 50% in this market. That being said you should be able to easily see where a home loan modification program will being your best interest through and through.

Should for some reason you are denied you ought to check out third party programs that will actually buy the toxic asset of a loan and refinance you via a loan modification program. Sometimes this may add years to your loan or interest, but all adversely affect you much less than say a default, or bankruptcy.

So please get on the phone with your lender today and ask them how they can help you.

Learn more about a loan modification today! Get help with mortgage loans and much much more....

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Loan Modifications - Citigroup Adds 1,400 New Employees to Its Loan Mod Department

In an attempt to handle the wave of loan modification applications, Citigroup, the nation's fourth largest loan servicer, has added 1,400 new employees to its staff, reaching a total of 4,000 employees in the loan mod department. This addition to staff is the direct result of pressure by the Obama administration for mortgage players to do more for homeowners facing financial hardship.

For San Diego homeowners, loan modifications are taking anywhere from 60-120 business days for processing. Analysts cite reasons such as the slow pace is the lack of adequate staff and infrastructure by loan servicer companies. "Not only did we invest in substantially more people, but we invested massively in telephone lines and infrastructure" to implement the loan modification program, said Sanjiv Das, chief executive officer of CitiMortgage.

Citigroup's chief executive officer has said foreclosure prevention is among the top priorities for the bank. "[Pandit] basically said that he would invest whatever it took for us to massively ramp up the number of modifications," Das said. "I could walk into his office and could get almost anything I wanted to get this program up and running." In June 2009, the percentage of Citigroup-serviced loans 90 days past due rose to 4.7%, up from 3.9% in March and 2.6% in June 2008, according to a report from Citigroup.

The San Diego real estate market has seen a sharp drop in real estate prices, as well as employment, triggering the need for lower mortgage payments that may be possibly through a loan mod.

Julie Fontaine is the author of "Homeowner's Guide to Avoiding Foreclosure - Strategies & Solutions", and is a business partner in a successful short sale & loan mod company in San Diego, California. On the web you can find us at http://www.619ShortSale.com or Troubled Property Solutions

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