Holes in the New Fannie/Freddie Loan Mod Plan

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Most homeowners are under too much stress when facing a foreclosure to have to work on their own loan modification, and they do not have the experience to negotiate through the process unfortunately.
A free comprehensive guide for a do-it-yourself loan modification is available at: http://preventingforeclosure.org
Hope that it helps those in need.

PabloOliva of CA 4:21PM November 30, 2008

I can't understand why the government doesn't allow the home owner to bail out the banks. This would inject cash into the system and help the home owner as well as new home buyers (reduce the cost of housing and keep it attainable). Lets take everyone who purchased a house or refinanced or pulled an equity line in the past 5 years on their primary residence. Lets allow them to use their federal tax liability for a couple of years to pay their banks on their principal. This would also encourage home owners who are throwing everything at their house financially to stay in their homes and keep their payments up.

underwater of MA 2:16PM November 12, 2008

Any way I look at it there is no way we can adjust or save all those mortgages. Politically, all they want to do is put a face of "effectiveness" on it so they can argue we have done all we can. The best we can do is leave millions with no solution. 35% of all new home construction was for second or third residences. A tremendous amount of the the failed mortgages are speculation and vacation home nonsense.

Dean of OR 10:15AM November 12, 2008