Obama Plans and Impact on Loan Modification

President Barack Obama has introduced a $75 billion homeowner relief program for the distressed homeowners.The plans pertain to mainly 2 different segments of homeowners :-

1. Homeowners who have a conforming mortgage and have not fallen behind.These homeowners might very well qualify for a lower rate refinance.
2. Homeowners who have a subprime loan (ARM) ,may be able to qualify and get their payments modified.

Now what does it mean for Loan Modification Companies :-

In view of Obama's homeowner relief program ,they now have a increased prospect base of people who might very well qualify for a refinance or loan modification program. Plus the recent initiatives taken by Obama ,would have increased the awareness about loan modification programs.

So you would get a lot more prospects ,who might not have defaulted but are facing hard financial times - looking forward to such loan modification deals.A Loan Modification company can mainly use either of these 2 strategies to increase the Lead Flow in their organizations

• Increase Direct Mailers to previous prospects who might have been turned down by their lenders.
• Buying quality Loan Modification Leads from genuine lead companies .

I look fwd to more inputs from my peers in activerain.

Sudip