I have answered several phone calls since Obama's new "Making Home Affordable" plans that have been introduced in regards to these two programs on refinancing and modifications. One client in particular said that he received a phone call from a company that will help him with his modification for a fee, of course.
Please be careful and wary of any one that calls you and says that they can help you modify your mortgage for a fee. Lenders will do this for you for FREE. It can take a while for this process to happen because lenders do not have all their parameters or employees in place yet, please be patient and don't let anyone tell you they can do it for you more quickly. They are just taking your money.
A good website to check is www.financialstability.gov. This site will be updated and lenders are working on these programs. Please be patient. If you need help deciphering the documentation that you need to gather or need help understanding paperwork you are given by your lender, please call me. I am happy to help and will not charge you a fee.
This program is to help people stay in their homes not to make a "quick buck".