Another Mortgage Modification Plan – The Federal Government That Continues to Cry Wolf

As a Consumer Bankruptcy Attorney in Fort Myers, Florida, I am spending a majority of my time answering questions on mortgage modifications.  How do mortgage modifications work?  Where do I go for help with my mortgage?  Are there any government plans to assist in modifying my mortgage?  I always try to answer these questions with the best possible information; however, sometimes the answers aren’t always so clear.  In 2008, the Federal Government passes three pieces of legislation to deal with the mortgage mess.  First, the American public received the Hope Hotline.  Next, we received another form of Hope when we received the Hope Alliance. Next we could rely on the Hope for Homeowners Act.  We also were directed to a website called Hope Now.  Quite frankly, this is confusing for me, and many of the residents of Southwest Florida have lost hope that anyone in our state and local governments will do anything.  

But yesterday, our Federal Government really stepped up to the plate and put it’s money where its mouth is. Yes sir, Hope is alive and well in Washington.  Yesterday, the Federal Government charted it’s new agenda. First, the $750 Billion Main Street Bailout package is no longer for Main Street (Shocking he says with a hint of cynicism).

 Second, the Federal Government has another plan to help homeowners.  This one is coming from the Federal Housing Finance Agency.  You know them, they are the agency that was created about two weeks ago to oversee Fannie Mae and Freddie Mac.  Unfortunately, there is nothting in writing yet.  But, if we can speculate what the plan is, I’m sure it will look something like this.  There will have to be limiting language, because Fannie Mae and Freddie Mac do not

Related posts:

1. Federal Government Investigates The Mortgage Industry
2. Government Response to the Mortgage Crisis
3. Do I qualify for a mortgage modification under the Obama Plan?