The Obama administration met with the heads of 25 mortgage company executives today, trying to push loan modification. Everyone knows the first attempt was a joke, with some people assuming a loan mod was guaranteed and others thinking it would happen overnight. According to the Florida Association of Realtors web site there was some progress today.  The lenders explained the pressure put on them by the Administration and the increase in manpower and training needed to implement the program. Apparently, these heads of mortgage companies and some czar, or cabinet member, agreed to work harder on the loan modifications. If you were one of the unlucky millions trying to make ends meet and adjust your loan temporarily until you can get back on your feet, it may be time to try again. If you are an investor who bought at the wrong time, or someone who is making a good living, but wanting to pay less on your previously agreed upon mortgage, this is not going to help you.

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Filed under: Avoiding Foreclosure • For Sellers • Short Sales

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