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Where's my loan mod? - A program for 2nds? - Lenders adopting Obama program

The Treasury Department said it has signed contracts with six major mortgage lenders to participate in the Obama administration's $75 billion foreclosure prevention effort. Read more
Where's my loan mod?
I have received quite a few concerned calls pertaining to the length of our procedure recently. I wanted to let you know that we are still diligently processing all loan modifications with 110% effort, and success! As a result of the recent release of President Obama’s Stimulus Plan, lenders have begun "dragging their feet" while they determine to what extent they will be able to tap into those funds. This has caused a slowdown on their part in communication with us. To my current clients: "Please be patient. In most cases time is on your side. The terms of modifications are getting better all the time"
Treasury weights new mortgage subsidies: sources
Fannie Mae and Freddie Mac, the mortgage finance companies, would administer the new program to resolve problems with second-liens. Read more. (We secure loan mods on 2nds all the time. A formal program may set a standard, resulting in more predictability and faster approvals. - P)

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"All the problems of the world could be settled easily
if men were only willing to think."
Thomas J. Watson, Former President of IBM (1874-1956)
Posted Sunday Apr 26