SOURCE: Fair Home Loan Bureau

Fair Home Loan Bureau

June 24, 2010 06:06 ET

Fair Home Loan Bureau Announces Only 8% of Home Loan Modifications Offered by Federal Government Met Approval in 2009

Fair Home Loan Bureau Has Today Announced That a Mere 8% of Home Loan Modification Plans Under the President's Initiative Are Approved

AKRON, OH--(Marketwire - June 24, 2010) - The Fair Home Loan Bureau has today announced startling statistics. Under the current home loan modification initiative of the federal government, only 8% of those modifications offered are actually approved. Other mortgage modification programs are currently faring little better, with an average approval rate for other government agency programs coming in at just 11% approved.

What is the single leading cause for failure with these mortgage modification programs? Why is the generous modification and stimulus plan on offer from the federal government not meeting the continuing needs of homeowners? Surprisingly, according to industry experts, it seems to be a lack of viable legal help for homeowners seeking this type of surcease.

"The best way to protect yourself is to be educated on all of the possibilities. Make sure to keep an open line of communication with your lender on the subject. If you have hired an attorney to represent you against the bank, be sure to express your concerns about any future liability," says Joel Jacobi, managing attorney at American Residential Law Group.

What should homeowners know prior to embarking on a program designed to help them modify their home loan? The Fair Home Loan Bureau offers viable legal help for homeowners facing foreclosure. According to the bureau, homeowners must meet a variety of requirements in order for a permanent home loan modification to be accepted. These include requirements for the total amount of the mortgage, the mortgage origination date, income tax filing, actual place of residence for owners and more.

The number and specificity of these requirements makes it difficult for homeowners to go it alone during this process. However, with expert legal assistance, owners are able to achieve a home loan modification, which results in a drastically better financial situation. In fact, home mortgage modifications can significantly slash the amount paid to the lender on a monthly basis.

The Fair Home Loan Bureau stresses that there is no need for homeowners to fall into the 92% of modifications not approved for federal funding and relief. With the right legal assistance, financial security can be a reality.

To learn more about how the Fair Home Loan Bureau can help you in the home loan modification process, contact them at http://www.FairHomeLoan.org.

About the Fair Home Loan Bureau: The Fair Home Loan Bureau was established for the protection of America's homeowners. Due to the high instances of mortgage loan modification fraud, as well as aggressive tactics and abuses on the part of lenders, the Fair Home Loan Bureau offers protection and defense for homeowners around the nation.

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