bentleyWIRE | blogged

If lenders can be proactive versus reactive as it relates to loan modifications, I suspect it could greatly reduce the number of foreclosures. Good news for many homeowners who are needing some assistance.

More lenders allow “early workout” loan alterations

Borrowers with loans owned by Fannie Mae no longer have to be behind in payments in order to qualify for a loan modification. Borrowers facing financial difficulty, such as losing a source of income, now can apply for an “early workout” loan alteration. Under Fannie Mae’s program, borrowers who qualify will enter into a trial period of reduced payments, usually for four months. If the reduced payments are made on time each month during the trial period, the modified mortgage terms may become permanent.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-harney21-2008dec21,0,5965944.story

HAPPY NEW YEAR EVERYONE!!!  I'm happy '08 came and even happier it went.  I've wiped the psychological slate clean, and I'm ready to take on whatever '09 throws at me.  In one word...OPTIMISM!  I'm ever optimistic that I will have the continued courage, determination and tenacity required to stay healthy, happy and to prosper in the New Year.  I truly wish everyone the same in a New Year that brings with it....hope for the future.

If you're having a tough time these days, stay afloat and dig deep within to survive and even prosper!  If you're doing well, reach down and offer your hand in support.  We're in this World together, and it's always more fun at the top in good company!