Loan modification has become major problem for most people.Recently I came across a loan modification company. I think they are good. here is there URL
www.editmyloan.com. The one thing I like about them is, they tend to come out with new services continuously; the most recent service being "Automated Loan Modification Eligibility System" which allows homeowners to check their exact eligibility.

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This whole stimulus package is just part of the governments long term plan to take away the power of the people. Are we going to do something about it or be lazy and think someone else is going to do it for us? It is time for a revolution. We need to overthrow the government and take our power back. Before there is nothing we can do about it. you should check http://obamamortgage2009.blogspot.com/2009/03/obamas-mortgage-modification-do-you.html#comments

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Check out http://obamamortgage2009.blogspot.com or obamamortgage2009.blogspot.com There needs to be a program for the elderly but not quite to retirement age for mortgage modification when the have lost their job during this particular recession. I made a decent wage because I put my time into a company and now have no job. I am looking at $10 - to $12 hr jobs after working all my life. You can't make a mortgage payment on that kind of money. I will eventually lose my home.

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I own a condo and have an outstanding balance of $140k, consisting of $104k primary and $36k secondary. I took the home equity to consolidate debts. At the time the property was valued at $163k but now it is valued at $134k. I'm looking to sell because i am engaged and will be moving into my fiancee's home. Check http://obamamortgage2009.blogspot.com/2009/03/obamas-mortgage-modification-do-you.html If I have a buyer who offers me within say $5-7k of the outstanding, can i agree to assume a loan on the residual and pay the bank the difference over time with interest? The same bank holds both mortgages.

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Typically, your existing mortgage documents will specify that in order to have someone assume your loan, you must get prior authorization and approval from the existing lender.
In addition, I have not seen any normal transactions where the lender allows for any side deals without sufficient collateral

With that being said, I have seen many recent “short sale” transactions result with a personal note written to the homeowner for as many as ten years with no interest for deficiency balances on home sales. For example, your bank may allow you to sell your home for less than you owe given the current economic environment. In many cases homeowners do not have to negotiate an additional note with the bank, and the bank simply relieves the homeowner from further financial obligation. Do keep in mind there may be tax liabilities that apply and I strongly recommend consultation with a tax professional. Also, it is important that you find out from the lender how this transaction will be reported on your credit. I have heard that if you decide to negotiate a side loan to pay for the deficiency, you can negotiate that your credit update gets reported in a positive manner.

Hope this helps.

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