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What Do The New Loan Modification Bills Really Mean For Americans?

Recently, there has been great debate over whether foreclosure rescue acts or stimulus packages can really help American homeowners. Thus, the political struggle involved includes a battle between bankruptcy lobbyists and the big banks and lenders. With politicians moderating the battle of the two, American’s are often left out in the cold on what these rescue acts and stimulus plans actually mean for today’s struggling homeowners. 

The recently passed “Helping Families Save Their Homes in Bankruptcy Act of 2009” is a testament of this ongoing battle. This bill gives judges the authority to modify loans and lower monthly mortgage payments regarding both principal and interest. This authority includes a permanent reduction in rates and ultimately reduces principle balances on a permanent basis. This bill was passed to help halt the thousands of foreclosures occurring each month in America. All homeowners interested in learning more about this type of mortgage relief, can visit loanmodificationhelpcenter.org for more information. This website allows anyone to gather free information on load modification or the process of avoiding bankruptcy due to mortgage default.

While some critics feel the homeowners were aware of their loan terms when they applied for them and should thus be forced to deal with the harsh consequences of not paying them, others feel this is a saving grace for much of America. Others feel this loan modification would never be necessary if rampant loan fraud and predatory lending were not common practices in America, giving home loans to those who absolutely cannot afford them in the first place. Thus, other issues like the rising unemployment rate are directly linked to the inability to pay mortgages. Should Americans who have been laid off due to the American economic crisis be forced to deal with those same harsh consequences, even though there was no way they could see their lay off possibility when they signed on for their current loan? Perhaps they could have afforded the loan when they were employed, but cannot since the loss of their job.

Thus, this type of loan modification recently passed allows Americans to have a light at the end of their dark un-paid mortgage tunnels. Instead of trying to deal with cranky loss mitigation departments who keep them on hold for hours and transfer them to collection departments who are less than happy to take their calls, there is another option. In addition, this loan modification bill will allow homeowners in distress to stay away from loan modification scam artist companies who are simply out to take advantage of their situation. 

Those homeowners interested in finding out what this new loan modification bill passage can do for them and their mortgage, can seek assistance from The Feldman Law Center by visiting FeldmanLawCenter.com. The Feldman Law Center can help homeowners negotiate with lenders and avoid home foreclosure. Those who are under financial hardship and cannot pay their mortgage, those who think they’ve been a victim of predatory lending on their mortgage, those who already have a foreclosure date set up and those who want to avoid their credit being ruined for the next ten years due to foreclosure can gain assistance through The Feldman Law Center.

About Author
Alex is a famous author who writes about Loan Modification. FeldMan Law Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

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