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Timing is Right for Obama’s Loan Modification Program

With more and more people, needing loans, loan modifications and help in facing foreclosure, it’s always disheartening to learn of those taken advantage of by scams and phony lenders.  Getting an attorney is one of the best options homeowners have, as they (lawyers) can prove beneficial in facing foreclosure or restructuring loan modifications.  Lawyers guide homeowners and provide key direction in dealing with overwhelming home and financial matters.  Additionally, with the rising number of loan scams, lawyers can really help save homeowners from losing any more than they may already have.

But now, Americans are taking advantage of the loan modification program, created by the Obama Administration.  It is estimated some 7 to 9 million homeowners are eligible for the program.  Not only is the program free to the homeowner, but there are incentives for big banks to assist in modifications.  In order to join the program, one needs to be in “financial trouble” and owe more on their home than it is actually worth. Additionally, there is a plan in the works, to help unemployed homeowners.

On April 28th to April 30th, at the Nassau Veterans Memorial Coliseum in New York, all residents will be able to meet with their lender’s representative or a HUD official.  If you attend, be sure to bring your mortgage and bank statements, pay stubs, and estimates of your expenses.  Homeowners can request a modification.  Events like this are planned throughout the country including California.  On May 11th and 12th, the Hilton Anaheim, in Anaheim, California will host such an event; and on May 14th and 15th at the National Orange Show Events Center, in San Bernardino, California.

This program is taken very seriously by both banks and homeowners alike.  And there’s no question, it couldn’t have come at a better time.