by Feed your head with a play by Pamela Olson

Created on: March 04, 2009   Last Updated: March 16, 2009

Just Do The Required Home Loan Modification.

Uncle Sam says Home Loan Modifications are the required way to avoid foreclosure, but the mortgage lenders are NOT willingly doing them. Why?

Home borrowers are facing foreclosure that shouldn't be. Senator McCain blames home loan lenders . Home loan lenders are NOT doing the REQUIRED Note Modification. Instead, irrational lenders are illegally doing Foreclosures and Short Sales in violation of their own rules.

Home owners must force their lender to do the REQUIRED Note Modifications.

The required immediate Note Modification gives homeowners time until the housing market recovers, the economy recovers, homeowners' credit can start being repaired to its previous flawless condition, and do NOT add to the already bloated for sale/rent housing inventory. That's why HUD, Freddie and Fannie had their foreclosure mitigation requirements, and Congress and the President signed foreclosure mitigation legislation into law.

FOR HOME LOANS SOLD TO FREDDIE MAC

In May 2007, Freddie Mac REQUIRED loan modifications to AVOID foreclosures.

From Freddie Mac's website: "As the real estate market continues to change in many areas of the country, many borrowers who are facing financial hardship are finding it increasingly difficult to make their mortgage payments, which may result in jeopardized credit and even loss of their home. But help is available. We offer many alternatives to explore with borrowers who are delinquent on their mortgage payments. For borrowers who face foreclosure, it's reducing the borrower's note rate or monthly payment, or extending the maturity date, and a loan modification is a possible option for a borrower in default."

FOR HOME LOANS SOLD TO FANNIE MAE

On October 4, 2006 , Fannie Mae REQUIRED loan modifications to AVOID foreclosures.

From Fannie Mae's website: "This Announcement describes an additional option now available to servicers for modifying delinquent adjustable-rate conventional mortgages and introduces new and enhanced forms for documenting modifications of both adjustable-rate and fixed-rate conventional mortgages. In order to avoid foreclosures of delinquent mortgages, we allow servicers to modify the terms of delinquent conventional mortgages with our prior approval and that of the mortgage insurer, if any. Currently, servicers may recommend to us modifications that extend the term of the mortgage, provide for reamortization of the outstanding debt, change adjustable-rate mortgages to fixed-rate mortgages

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