MY HOME IS UNDER WATER, CAN I GET A LOAN MODIFICATION?

MY HOME IS UNDER WATER, CAN I GET A LOAN MODIFICATION?

Millions of American families are now living in homes with mortgages that exceed the value of those homes.  Some are walking away and letting the lender take the home back.  Most want to remain in their homes but need some help to do so.  A loan modification, if one can qualify, is one of the best ways to do so.

The government is trying to develop programs to help those distressed homeowners but it is not easy to come up with a program that will be accepted by the lenders and the investors that they represent.  Fannie Mae and Freddie Mac, the two huge Government Sponsored Enterprises who buy most of the mortgages on the secondary market will not go along with the latest iteration of the Making Home Affordable Program.

Select this link to see the New York Times story:

http://www.nytimes.com/2011/03/13/realestate/13Mortgages.html?_r=1&ref=realestate

We all hope that they will find a way to make it work.