Obama Mortgage Rescue Plan: Getting a Home Mortgage

Are you getting frustrated with your lender? Do you feel your mortgage company is giving you the run around? Well, you are not alone. Numerous media reports and government studies are showing that only a small portion of homeowners are actually getting resolutions to their mortgage issues. Mortgage modifications have become a perpetual nightmare. Obama’s 75 million dollar Obama mortgage rescue plan is not working. According to Tami Luhby at CNNMoney.com, “Fewer than 5% of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long term adjustments as of Sept 30, 2009.”

Since you can not rely on Uncle Sam to fix your financial woes, you need to take the situation into your own hands. No one else cares as much about your financial situation as you do. Thus, you need to work directly with your lender. You can get a loan modification but you must be patient and persistent. No need to pay a law firm or loan modification company thousands of dollars to do for you what you can actually do on your own. For those of you that are already working with your lender, you might be feeling like you are beating your head against a brick wall. The loss mitigation / loan modification industry is less like an organized financial establishment and more like a three ringed circus. You probably think you are dealing with lions, tigers and clowns rather than real problem solvers.

If you feel that you are getting nowhere and you want to tame the lions and tigers, you might need to reach out to some governmental agencies to get these clowns to act on your behalf. This is a secret tool that attorneys and mortgage modification companies have used for years. If your lender will not give you a mortgage modification; if they are taking too long and not meeting their self imposed deadlines; or if they give you an unacceptable offer, you will want to get the government involved. The best place to start is the office of the Attorney General of your state. You can also reach out to the Office of Comptroller of the Currency, the Office of Thrift Supervision, the FDIC, and the Federal Trade Commission.

By writing a complaint letter to any or all of these agencies, they will most likely open up a case inquiry. They will contact the lender and put pressure on them to provide you a successful mortgage modification. From our experience, mortgage holders do not like governmental agencies getting into their business. It takes time and resources to answer these agencies’ inquires. Thus, if you have a case opened on your behalf, the lender will be more likely to quickly resolve the issue to make the problem go away. In essence, they will give you a satisfactory mortgage modification to make you and the government pressure fade away.

All of these federal programs under the Home Stimulus Plan have their own set of application guidelines and approval criteria, but you should consider whether you can benefit from any of them. There may be a stimulus package for you!

Learn more about Obama Mortgage Relief Plan Qualifications.