If you’re thinking about whether a loan modification under the Home Affordable Mortgage Plan could be beneficial to you, you already know the first thing you need to know. Is your lender listed as an Approved Lender? This federal initiative works with the existing mortgage lender. They are rewarded for changing your mortgage and assisting you!Do you want to learn more? Visit Metropolitan Mortgage Corporation
While they may normally be hesitant to discuss a loan modification with a defaulted customer, they get compensated $1000 for each loan modification they execute under this scheme. For them, too, foreclosure is an unpleasant and costly option in the current financial market. Due to slow property sales, homes may lie vacant and unproductive for a long time.
President Obama has instructed all participating banks and financial institutions to hire more employees so that homeowners who are in a critical situation can obtain help quickly, but don’t be surprised if the process takes longer than expected. Even contacting your lender for the first time may result in a long wait time or an undesirable experience.
If you’re in a poor mortgage position, this is the best chance you’ll have to start over and save your home. Don’t wait any longer. The list of approved lenders is provided below, however it is not exhaustive. As lenders are accepted, they are added to the list.