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Within the early stages of this loan modification plan, many people were already bailing out of their mortgages by the thousands and leaving lenders with a bad taste for helping America’s homeowner at all. On the other side, with money already being given to these large corporate banks, holding companies and investment companies, most American’s were already losing their faith in the companies who handle, negotiate, process and finalize their loans.

This seemed to be a standoff at first with politicians heating up the talk radio shows, firing rounds at the President from their political podiums, and hounding the House and Senate representatives with fervor over the government bailouts. This was not something that suddenly sounded just and fair for the average American, because once again, the Federal government was bailing out the bad guys.

The reports of the housing industry’s downfall, came on the heels of homeowners being served with eviction notices, while still other people were ultimately defaulting on loans that had sky-rocketed to momentous proportions. This grand scheme of Obama’s loan modification program came into the light as a way to use federal money, up to the tune of 9 million dollars to help lenders adjust and modify their client’s home mortgages. How sad to see the Federal government bailing out these same companies that were looking for their own skins to be saved, while still closing down on the necks of the American people they were set upon to make loans to.

This was just one of Obama’s first ventures into helping America get back onto its feet, and it comes hot on the heels of the occupancy of the oval office. With the promise of the American dream held in the hands of the federal government, one wonders just what the loan modification will eventually do for the American homeowner.

The lender is willing to work with you and the government even has free loan counseling but your best advocate is someone working on your behalf, not the lenders or for some non-profit. I don’t mean pay a large upfront fee, don’t do that. I suggest hiring a real estate attorney with a small upfront retainer that only charges for success and not submissions.

A good starting point in Illinois is through the free online evaluation at illinoismortgagemods.com If you hire a third party to represent you then you should expect the lender to recognize the third party agreement within 48 hours. The lender should also acknowledge receipt of a full loan modification submission with 48 hours of your providing the third party all the requested documentation. You should contact your lender directly even after hiring a representative (Trust but Verify) and make sure the rep has established a relationship on your behalf and has submitted a FULL MODIFICATION PACKAGE promptly.

Be very alarmed if your representative suggests intentionally getting further delinquent on your mortgage when you can in fact pay. The Making Home Affordable program can provide payment relief for borrowers that have NEVER been late. Lastly, these modifications no longer take that long so 2-4 weeks is now a reasonable response time, if your rep is telling you something different then your file is just sitting in the pile.

The clock is ticking on this 75 Billion dollar government subsidy so don’t wait to apply and get impatient if nothing seems to be happening. This program will end sooner than you think and many homeowners that continue to make their agreed payments are plenty jealous to see others get bailed out while they are on the hook. If you think you might qualify for the generous program then at least do the fee online evaluation. This is the opposite of a normal refinance. In this program- Bad credit is good, low income is better than high income, delinquency is better than timely payments so now you will qualify if you would normally be turned down.