President Obama has tried to encourage the lending institutions to get on the train to helping homeowner, but the lenders have done their best to ignore all efforts.
Fannie Mae & Freddie Mac loans are the exceptions.
If you are in need of a loan modification or refinance, the first two places to visit are the Freddie Mac and Fannie Mae web sites, to see if your current loan is 1. Owned by them & 2. Your loan is eligible under their guidelines.
Look-up your address to see if your loan is either a Fannie Mae or Freddie Mac loan at these websites:
Fannie Mae http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac https://ww3.freddiemac.com/corporate/
If your loan is owned by Fannie Mae or Freddie Mac go to http://www.makinghomeaffordable.gov
There are two options on the website
1. Home Affordable Refinancing
2. Home Affordable Modification
Look over both options to see if your circumstances meet their standards.
If your loan is not owned by Fannie Mae or Freddie Mac, you are at the mercy of your current lender.
Do not spend money by hiring one of the many loan modifications companies that have popped up all over the country. There is no magic formula to getting your lender to do a modification. If you have to pay money it is probably a scam. Please visit the government website that warns you of the various problems.
Beware of Foreclosure scams, go to: http://www.makinghomeaffordable.gov/beware.html
For more information on Short Sales & Foreclosures, please visit my website: http://www.Homes4SaleSanDiego.com.
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