What You Need to Know About a Loan Modification?
As the Obama loan modification programs are there to help homeowners with loan modification either thru Making Home Affordable or Home Affordable Modification Program, there are things you as a homeowner need to know.
First of all, the banks are subsidized by our TARP money and encouraged to re-structure existing loans for homeowners. Many banks are already partially owned by the government, for example the government owns 35% of Citibank to name one. So, it seems clear that the pressure is on the banking systems to handle loan modifications and turn our economy around as quickly as possible and with the support of government loan modification programs.
