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Due to the housing industry crisis and overall global economic meltdown, loan modification is an extremely hot topic among the people. There are numerous people facing foreclosure and on the verge of losing their homes. The Obama administration's Homeowner Affordability and Stability Act of 2009 has provided new hope to such people. There is a fresh thrust provided to the idea of renegotiating people's home loans so that they can continue repaying their mortgage loans with lower payments and still manage to keep their home.
The most ideal way of starting the loan modification process is getting in touch with the mortgage company directly – a distressed homeowner must consider this avenue. The homeowners, however, usually end up frustrated due to no changes agreed to by the mortgage companies and in many cases, they don't get to talk to real persons either. After all, the mortgage companies don't seem to have any vested interest in helping the people. The ABC news showed a story wherein one Congresswoman tried to help her constituents in the home loan modification process and faced the same problems that the common people are facing.
Things become easier with some professional help, even for those who have tried unsuccessfully in the past. Just make sure you have an experienced, professionally managed company like Service Loan Modification , by your side. Initial consultation is absolutely free and entails no obligations. Loan modification professionals know very well how to deal with the lenders, and can manage loan modifications better than common people, who are not used to the process and are unaware of the nuances.
Coming back to the Obama administration's plans, several large mortgage names have already agreed to be a part of the plan. Other companies will also be added to the list at a later date, the Government claims. Some of these companies have even started the process of loan modification under the Government directives.
Service Loan Modification helps its clients to avoid foreclosure by making their mortgage payments more affordable. This is achieved by negotiating lower interest rates, longer tenures, waiver of penalties and other charges with the lender.