Mortgage Recovery Plan – Is it Still Available and Does it Matter?

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Mortgage Recovery Plan – Is it Still Available and Does it Matter?

There has been a lot said and written about the mortgage recovery plan, the mortgage crisis, etc. As much as there has been said there is still much confusion. Many homeowners do not even know if any of the programs are still available. In all likelihood you may want to focus your efforts on getting a mortgage modification directly from your lender.
Whether or not there will still be funds left in the Federal Government’s mortgage recovery plan will depend on when you happen to read this article. Rather than focus on that, you may want to focus on working out a loan modification with your lender.

A large number of lenders are quite willing to work with homeowners to get a loan modified. Loan modification plans use specific guidelines which will determine whether or not your loan is eligible for a modification. Mortgage banks do not want you to go into foreclosure. They do not want you to be forced to do a short sale. Most mortgage banks are willing to work with you.

Mortgage Recovery Plan – Modification Experts
You should try to get a mortgage recovery plan directly from your lender. If for any reason you are unable to then you should try to contact one of the loan modification companies that help facilitate the process. There are many financial experts that believe you should first try to work out a mortgage modification plan directly with your lender before hiring an expert, but in the end the decision is yours.
If you do plan to hire one of the mortgage modification companies who are experienced with the process you want to make sure that they are licensed and registered with the Better Business Bureau. You should also do a Google search to make sure the company is legitimate.
You should be aware that there are some people who claim to be able to help you with a mortgage recovery plan but they are unfortunately scam artists. You should take the time to research the company online, contact the local licensing company and the Better Business Bureau before you decide to hire them.

Mortgage Recovery Plan – Bottom Line

The bottom line is the term “mortgage recovery plan” is used in the official sense and in many marketing plans. The government may still have funds available when you are applying for a loan modification. Either way you may want to first try to work out a good deal directly with your lender. If you are unable to do so try a loan modification company.

This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.

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