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Your current lender has to agree to forgive the balance of your existing loan down to 90% of the current market value.

Pros: Lowering the principle balance of “upside down” loans will result in lower and more affordable payments.  Lower payments will allow folks to stay in their homes and make on time payments.

Cons: Banks have to voluntarily forgive these balances.  Although it is anticipated that big banks will cooperate, there are no guarantees.

You have to qualify for an FHA loan

Pros:  This program will reduce your payments significantly and allow you to stay in your home.

Cons: Many of the loan programs that were offered in the past 5 years allowed stated income.  FHA loans are very strict.  You need to provide tax returns and can not be 30 days late more than one time in the past 12 months.  If you are more than 2 months behind you would not be able to use this program.

The Federal Government takes 50% of all of your future equity

Pros:  If you do not plan to sell or refinance your home, this will never be an issue.  You have a lower loan amount, payments you can afford and the ability to afford your mortgage payments.

Cons: The government takes 50% of your equity above the appraised value in this overly corrected real estate market.  There’s no question that as this market begins to correct in the next 3-5 years property values will likely increase quickly - the Government owns half of your home from this point forward.

These are the major points that concern me most about this program.  For the folks that never plan to move or refinance and can qualify for an FHA loan will benefit greatly from this program.  My only concern is that it alienates so many folks that are in big trouble now.

Lenders are being very cooperative in negotiating loan modifications and loan workouts to help catch you up on your payments and restructure your loan, reduce your payments and provide solutions now.  You can, but should not try to do this on your own.

Lenders seem to be much more willing to work with professional negotiators that can hold them accountable and know how to get through the red tape and bureaucracy.

HelpUmodify is a loan modification service that does not charge up front to negotiate with your lender and negotiate your options.  Never pay anyone an upfront fee - that is a tactic common with companies started by the same folks that owned sub-prime mortgage companies that are now out of business.

Contact HelpUmodify today for a free consultation.  They will walk you through the application process, contact your lender, negotiate modification options and present you with solutions at no charge.  IF they can help, you will find thier flat reasonable rate a small price to pay for the peice of mind that comes with being in control again.  If you have any questions you may also call 1-866-667-6724 and ask for John.