Obama Loan Modification in Simple Terms

April 2nd, 2009 by michael e. riley

Obama Loan ModificationBy default, most people are optimists. We all like to think that if our government creates a policy in a time of a crisis we can all depend on it to fix the problem at hand. The Obama administration has moved very quickly to address the housing problems that we all face as a nation and I applaud the effort. Many call it the “Obama Loan Modification”. It is unclear, however, if the Obama Loan Modification effort is going to reach as many people as may need it. For some of these people the effort is the last resort before crossing into poverty.

There are many blog posts and news reports out there describing the plan, usually riddled with technical…

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Loan Modification Company Vs DIY Modification

March 20th, 2009 by michael e. riley

Reduce Mortgage
After months of falling foreclosure rates filings are on the rise again. This comes as another wave of homeowners see their rate on their ARM (adjustable rate mortgages) rise and reset to higher monthly payment amounts at the end of last year. This is primarily due to Option Arm Loans where the interest of the loan is able to be deferred until a later date. That date for an unusually high number of homeowners came due at the end of last year and the beginning of this year.

Typically these type of loans have a cap built in to protect borrowers from getting stuck with an unreasonable payment amount however the downward spiraling of home values has pushed the…

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