Mortgage Modifications are sweeping Nation

An estimated 7-9 million homeowners are elegible for a mortgate modification. Also kn0wn as loan modifications, Obama’s plan has set foot as Chase Bank modified 15,000 home loans last week.

Bank of America began reaching out to at-risk borrowers in early April and has sent out 100,000 letters to borrowers who could benefit from a loan modification.

The plan went into effect on March 4, with Obama predicting it could help as many as 4 million people stay in their homes. This is possibly by encouraging lenders to assist troubled mortgage borrowers through lowering interest ratesto the point that total monthyly house payments would not exceed 31% of their gross monthly income.