Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Mortgage Modification and Short Sale in Connecticut
The current real estate and foreclosure crisis began two or three years ago. Since then homeowners have been trying to modify their home loans.  As a result, banks are overwhelmed with loan modification requests and short sale requests.   Many banks were unprepared for the number of requests received. All of this equals up to homeowners who qualify for home loan modifications being left in limbo while they wait for answers.  Often this process comes at the worst time... in the middle of a foreclosure proceeding.
The government did come through to help with this problem, which was President Obama's Home Affordable Plan. HAMP (Home Affordable Modification Program) is a $75 billion program designed to help people afford their mortgages and stay in their homes. One program it funds is a home loan modification program. Lenders are encouraged to assist borrowers who are having trouble keeping up with their monthly mortgage payments. The banks are rewarded $1000 for each home loan modification that they complete, so they are more than willing to help. Also, they are more than likely to make more from the renegotiated loan than they are from the foreclosure.
A home loan modification is a renegotiation of your mortgage. ... more

__________________________________________________
Are you on The Rain? Grow Your Network!