You're behind on your mortgage, and you want to save your house. It's time to talk turkey with your lender. But what do you say and who do you say it to? How you go about trying to save your home is important.
The Loan Modification Act, passed by Congress in 2008, was designed to give homeowners who find themselves in default,foreclosure, or facing other financial difficulties, the means to have their loans reevaluated and rewritten to make them more affordable and easier to repay. The need for a more updated loan modification program stems from mortgage excesses over the past few years. With so many homeowners facing bankruptcy and foreclosure, certain members of Congress saw the need to shore up the home loan and housing markets.
The mortgage meltdown presented a negative impact on the economy, the country, and the many homeowners, banks, and mortgage companies that were caught up in the greed and excesses of the time. Now it's time to use the options that have been provided to you so you can fight in a more informed way to keep your home.