Loan Modification Help - What's Going On Behind the Scenes and How It Will Affect Your Application

If you desperately need loan modification help but have been unable to get any cooperation from your lender, then you need to know what has been going on behind the scenes and how this will affect your chances for a loan workout. Even if you have just begun the process or already been declined, this latest development in the housing meltdown will have an impact on how your lender deals with your application. Ever wonder why it is that it takes so long to get a response to your loan workout application or how it is that some borrowers stay in their home for years without making any payments? Well, turns out that Fannie Mae is wondering the same thing!

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Never before in history has such a financial nightmare been presented to mortgage holders or home owners. Millions of folks are behind on their home loans, and banks are simply buried under mountains of forms and requests for help. The truth is that the banks and servicers simply cannot deal with the crisis,and struggle to respond to applications from borrowers requesting loan modification help. Untrained employees and understaffed departments have made it virtually impossible for homeowners to get a straight answer, let alone a loan modification. The frustration and confusion is evident by the extremely low numbers of permanent loan workouts that have been offered. The truth is, this cannot go on forever if we ever hope to have a housing recovery.

So, this is where the behind the scenes development becomes relevant. Fannie Mae, the largest mortgage holder, is fed up with the lack of movement on delinquent loans. After all, if no payments are being made by the homeowner and the house is not moved to foreclosure, there is no revenue being generated on that mortgage. And that means huge losses for Fannie, who is already deep in debt to the Federal government. Well, the hammer has come down in the form of a Call to Action-this means that lenders and servicers will now have to provide documentation to Fannie on each delinquent loan explaining what action is being taken. Those loans that are not being addressed will find the servicer subject to fines, this is a way of making sure that the problem loans are dealt with quickly and effectively.

This is both the bad news and the good news for homeowners. The bad news is that the days of living in your home for many months without making payments are coming to an end. The good news is that your lender will be reviewing your situation quickly to determine if you are eligible for a loan modification. If your application shows that you do qualify, you will be offered a loan workout. However, if you do not qualify, then you will also be moved quickly to short sale, deed in lieu or foreclosure. Of course, most borrowers would much prefer being able to stay in their home with a lower, affordable payment. However, only those who can prove with their financial statement that they meet the guidelines will be offered this option. Take advantage of this opportunity and submit your accurate and acceptable application today.

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