SOURCE: Fair Home Loan Bureau

Fair Home Loan Bureau

March 03, 2010 06:00 ET

Fair Home Loan Bureau Announces New Information About Home Loan Modification

Fair Home Loan Bureau Has Today Announced New Information for Homeowners Seeking a Means to Remain in Their Current Home Through Mortgage Loan Modification

AKRON, OH--(Marketwire - March 3, 2010) -  According to recent statistics, as many as eight million households may be in danger of foreclosure across the United States. This is a sure sign that mortgage industry woes have not ended their downturn. However, the Fair Home Loan Bureau (FHLB) has announced new information concerning loan modification for homeowners in danger of losing their homes.

According to FHLB, home loan modification is one of the best ways for a homeowner to retain ownership of their current home, whether they are in danger of foreclosure, or if the process has already started. While the qualifications are relatively straightforward, it should be noted that mortgage loan modification differs with individual situations.

Loan modification offers homeowners the ability to reduce the amount of their home loan. Often, this allows them to realize a home mortgage payment of only 30% of the gross monthly income.

This ensures that homeowners are able to remain within their homes for years, or opt to remain until housing values return to normal and they are no longer underwater with their loan. It should be noted, however, that home loan modification does not reduce the actual amount of the loan. Rather, it changes the monthly loan payment amount.

FHLB understands the confusion and concern caused by these new options. Determining eligibility alone can be a significant headache for a homeowner, much less contacting their lender about the availability of loan modification. For this reason, FHLB urges consumers to contact them for vital information and expert assistance prior to embarking on loan modification. Protecting the interests of the American homeowner is the Bureau's driving goal.

To learn more about how FHLB 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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