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The key components of President Obama’s foreclosure-avoidance program are loan modification and loan refinancing.

The details of this provision has created an extraordinary opportunity for millions of Americans to either re-finance or modify their existing mortgage.

Home Owners will receive an up-front fee of $1,000 for each modification.

They will also receive monthly cash incentives (as long as the borrower stays current on the loan) of up to $1,000 each year for three years.

The Fair Home Loan Bureau was established following the signing the of the economic stimulus bill to assist, defend, and protect American homeowners from loan modification fraud and abusive banking practices. Fair Home Loan Bureau advisors are available free-of-charge to Americans throughout the country.

It is recommended that no American should begin a loan modification without first consulting a Fair Home Loan Bureau advisor. Call the Fair Home Loan Bureau anytime at

Or for your convenience, you can request that a FHLB advisor call you be filling out the contact information below:

Roughly $75 billion dollars has been set aside strictly to help homeowners avoid foreclosure. While the programs that these funds support won’t be able to provide an answer to everyone in financial trouble, a huge swath of homeowners will be able to use the programs to renegotiate their loans and get “current” on their mortgages.

It helps to understand that the programs ask the consumer to still assume the financial responsibility for their homes, but to work with the bank or lender to make it a much more honest loan than it may have originally been. For example, a borrower may have taken a $350,000 mortgage without the income to actually fund such a loan. Luckily, there are many ways in which such a loan could be rewritten to make it payable by the borrower. For example, many of the problematic sub-prime loans extended what are now known as “teaser rates” that would get bumped up to exorbitantly high numbers after a short period of time.

For instance, that $350,000 loan many have been at 4% for the first five years and then become a variable rate without any kind of cap. This means that as interest rates soared, the borrower could see their loan jump from $700 per month to more than $2,000. Obviously that sort of discrepancy cannot be managed by even the tightest budget. A loan modification would turn that loan into a fixed rate mortgage for as long a period of time as possible – up to 40 years. That would make the monthly payment manageable for the homeowner, who could use a fixed and unwavering number to build their monthly budget for years to come.

This approach is much more preferable than a straight refinance because the bank would require a down payment and may not want to extend such a lengthy period to the borrower. The government supported loan modification programs generally force the banks to accept that a borrower needs the best terms possible.

Homes sales for March 2009 in recovering markets were higher than a year ago according to the National Association of Realtors because of the affordability factor and low interest rates as well as tax credits for first time home buyers. The Minneapolis, Northern Virginia, Las Vegas, Phoenix and the majority of California and Florida markets are seeing some recovery as a result of these factors.

Inventory Decreasing
The NAR reported that the total housing inventory by the end of March 2009 had fallen 1.6 percent to 3.74 million existing homes available for sale. This now represents a 9.8-month supply. Single-family home sales are 5.7 percent below March 2008. The median existing single-family home price was $174,900 for March 2009, 11.5 percent lower than March 2008.

Condominium and co-op sales fell 4.1 percent to an annual rate of 470,000 units in March 2009 from 490,000 in February 2009, 17.8 percent below the 572,000-units a year ago the same time. The median existing condo price was $177,600 in March 2009, down 18.7 percent from a year ago.

National Homes Sales
Home sales in the Northeast fell 8.0 percent to 690,000 in March 2009, down 22.5 percent from a year ago. The median price was $231,700, down 18.4 percent from one year ago.

Home sales in the Midwest were unchanged in March at 1.04 million, and are 11.1 percent lower than March 2008. The median price was $141,300, down 6.1 percent from March 2008.

For the South, home sales were down 1.7 percent to 1.71 million in March 2009, 10.9 percent below March 2008. The median price in the South was $146,900, down 12.2 percent from one year ago.

For the West, home sales were down 4.2 percent to 1.13 million in March 2009, 18.9 percent higher than a year ago. Good news for the West. The median price in the West was $252,400, 11.1 percent below a year ago.

So all in all the low interest rates, first time home buyers entering the marketplace as a result of affordable housing and tax credits and sellers being able to move up or down in some marketplaces is encouraging that the housing market may be slowly recovering in the hardest hit areas. 50% or more of the properties sold have been distressed properties which explains the lower affordability factor since these homes sold for 20% less than non-distressed homes according to the NAR.

As always, thanks for reading this post and if you enjoyed it be sure to comment below. Also, check out our FREE 2009 Loan Modification Guide: Saving Your Home From Foreclosure.

Mortgage Modification Help
Seeking a mortgage modification can be confusing, but there is plenty of help available these days. Most of the time, homeowners are mot aware of their options and not sure who to turn too when they realize they have a financial crisis and cannot make their monthly mortgage payment.

Several options are available to borrowers to seek advice on mortgage modifications:

• Mortgage Modification Company
• Attorney
• HUD credit counselor
• Lender or mortgage broker

The government’s new mortgage modification plan is helping many homeowners save their home by putting together lenders and their borrowers to modifying the borrower’s existing mortgage to lower the payment to an affordable amount. You must reside in the home as your primary residence and show that you have sufficient income to be able to pay the new mortgage payment.

What Documentation is Necessary to Provide to the Lender?
Your lender will want to make sure you can document your income so they will require the following information:

• Your last two paycheck stubs. If you are self –employed, then a financial statement.
• W-2 or 10099 for the last two years.
• Your most recent bank statement.
• Copy of our latest tax return.
• Hardship letter explain your financial situation and why you cannot afford your currently mortgage payments.
• Borrower’s financial statement showing your assets and liabilities.

How Long Will It Take to Get Approved
Mortgage modifications are taking approximately 90 days before you get a response. The lenders are overwhelmed and understaffed so they are not able to get to all the applications quickly. The new guidelines under the government plan should help streamline the process now.

Be patient, but be persistent. Hiring a mortgage modification company will help you facilitate the process since they are experts in this area and can get results for you. If you do decide to do it no our own, then keep calling your lender every day to find out the status of your application.

Do Loan Modifications Really Work?
Past experiences have shown that large number borrowers have defaulted. The modification will work if you can afford the payments. If you do not have a steady income, then you will not qualify for a modification and will need to seek another option. Consult with an attorney or financial advisor to determine which options are available to you.

As always, thanks for reading this post and if you enjoyed it be sure to comment below. Also, check out our FREE 2009 Loan Modification Guide: Saving Your Home From Foreclosure.