Stop Foreclosure Answer

I don’t know if you saw it.

Earlier this week the Treasury Department announced that they are starting to provide money for successful loan modification incentives to 6 mortgage lenders.

You will recall that the Making Home Affordable Modification Program was announced by the Obama Administration program in early March. Its major goal is to modify mortgages and reduce monthly mortgage payments so that eligible people can save their homes from foreclosure.

The administration is not wasting any time in doing its part to make this happen. I don’t know if you saw or heard this. Earlier this week the Treasury Department announced that they are starting to provide money to 6 mortgage lenders.

These lenders are to use this money to pay the incentives outlined in the modification program to the people facing foreclosure, their mortgage lenders and the investors on their mortgages. These incentives are paid when these people are successful in making their mortgage payments on an ongoing basis and avoid foreclosure on their homes.

The Treasury Department is providing $9.9 Billion, yes I said billion, to 6 different mortgage lenders. They are giving Chase Home Finance $3.6 billion and Wells Fargo $3.87 billion. CitiMortgage is getting $2.1billion and GMAC Mortgage $633 million. The other two are Saxon Mortgage Services, $407 million, and Select Portfolio Servicing, $376 million.

Hopefully the Treasury Department has set up a monitoring program to make sure that these lenders spend this money as they are required. If the lenders do follow the guidelines in the modification program, many people who are presently in danger of losing their homes to foreclosure will be able to save them.

If you are facing foreclosure or if you feel that you will soon fall behind on your mortgage payments, you may want to check out my EBook. In it I have outlined the steps you need to take right now to get the upper hand on this foreclosure and to protect yourself and your family.

Much Success,

Mark Elkins