Making Homes Affordable will help families with loan modifications, and reduce the stringent practices the banks are using to prevent homeowners from receiving loan modifications.

The Home Affordable Refinance program will be offered to 4 to 5 million homeowners who have paid their mortgages on time and have their home with Fannie Mae or Freddie Mac.

Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%.

Under the Home Affordable Refinance program, many of these homeowners will now be able to refinance their mortgage and take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.

Who’s Eligible For The Program?

# Loans originated on or before January 1, 2009.
# First-lien loans on owner-occupied properties with unpaid principal balance up to $729,750. Higher limits allowed for owner-occupied properties with 2-4 units.
# All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
# Property owner occupancy status will be verified through borrower credit report and other documentation; no investor-owned, vacant, or condemned properties.
# Incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
# Modifications can start from now until December 31, 2012; loans can be modified only once under the program.

Read the full WSJ article.

Boston Area Loan Modification Lenders

Citizens Bank‎
28 State St # 13, Boston, MA‎ - (617) 725-5900‎

Bank of America Pavilion‎
290 Northern Ave, Boston, MA‎ - (617) 728-1600‎
Rated 4.4 out of 5.0 7 reviews -

Sovereign Bank‎
75 State St, Boston, MA‎ - (617) 757-5454‎

Federal Reserve Bank of Boston‎
600 Atlantic Ave # 100, Boston, MA‎ - (617) 973-3000‎

Bank of America‎
100 Federal St, Boston, MA‎ - (617) 434-3412‎

Bank of America‎
6 Tremont St, Boston, MA‎ - (617) 227-0531‎

Citizens Bank‎
73 Tremont St, Boston, MA‎ - (617) 422-8295‎

Deutsche Bank‎
225 Franklin St # 25, Boston, MA‎ - (617) 217-6100‎

State Street Bank & Trust Co‎
53 State St, Boston, MA‎ - (617) 664-4052‎

Wells Fargo Bank‎
1 Boston Pl, Boston, MA‎ - (617) 367-6372‎

Bank of America‎
125 High St, Boston, MA‎ - (800) 841-4000‎

Bank of America‎
65 Franklin St # 1, Boston, MA‎ - (800) 841-4000‎

Bank of America‎
260 Hanover St, Boston, MA‎ - (800) 841-4000‎

Bank of America‎
104 Canal St, Boston, MA‎ - (800) 841-4000‎

Bank of America‎
161 Cambridge St, Boston, MA‎ - (800) 841-4000‎

Bank of America‎
210 Berkeley St, Boston, MA‎ - (800) 841-4000‎

Sovereign Bank‎
125 Causeway St, Boston, MA‎ - (617) 227-9106‎

Bank of America‎
557 Tremont St, Boston, MA‎ - (617) 262-0331‎

Bank of America‎
157 Stuart St, Boston, MA‎ - (800) 841-4000‎

Bank of America‎
710 Washington St, Boston, MA‎ - (800) 841-4000‎

Wainwright Bank & Trust Co‎
63 Franklin St, Boston, MA‎ - (617) 478-4000‎

Wachovia Bank‎
1 Boston Pl, Boston, MA‎ - (617) 742-7407‎

United Commercial Bank‎
68 Harrison Ave # 600, Boston, MA‎ - (617) 695-2800‎

Bank of America‎
460 W Broadway, Boston, MA‎ - (800) 841-4000‎

Boston Private Bank & Trust Company‎
10 Post Office Sq # F, Boston, MA‎ - (617) 912-1900‎

Wells Fargo Bank Na‎
300 Commercial St # 1, Boston, MA‎ - (617) 248-5846‎

Citizens Bank‎
53 State St, Boston, MA‎ - (617) 227-1906‎

Sovereign Bank‎
437 Rutherford Ave, Charlestown, MA‎ - (617) 242-2182‎

Deutsche Bank‎
1 Beacon St # 14, Boston, MA‎ - (617) 295-1000‎

Bank of America‎
557 Boylston St, Boston, MA‎ - (800) 841-4000‎

Sovereign Bank‎
30 Winter St, Boston, MA‎ - (617) 338-0804‎

Citizens Bank‎
5 Austin St, Charlestown, MA‎ - (617) 422-8211‎

Bank of America‎
133 Massachusetts Ave, Boston, MA‎ - (800) 841-4000‎

Eastern Bank Corporation‎
265 Franklin St, Boston, MA‎ - (617) 897-1100‎

Bank of America‎
285 Huntington Ave, Boston, MA‎ - (617) 437-0233‎

Citizens Bank‎
1 Center Plz # F, Boston, MA‎ - (617) 422-8573‎

Bank of America‎
148 State St, Boston, MA‎ - (617) 292-3410‎

Deutsche Bank‎
150 Oliver St, Boston, MA‎ - (617) 443-7067‎

Key Bank‎
1 Federal St # 2302, Boston, MA‎ - (617) 350-8400‎

Century Bank & Trust Co‎
275 Hanover St, Boston, MA‎ - (617) 557-2950‎

In this article, we’ll cover these three articles and help you increase your knowledge of the loan modification process. Our firm represents homeowners whom are at risk of mortgage foreclosure, and we help you save your home. Please give us a call or use our contact form to receive a free call from one of our trained specialists.

Massachusetts Loan Modification Providers

Our firm provides service to clients in the entire state of Massachusetts and you can reach us for free at 1-877-866-8008.

If you have an FDIC mortgage you can visit their “Mod in a Box” program for eligible homeowners.

What Can We Expect From Loan Modifications?

A loan modification can take upwards of 6 weeks and is a process that can be extremely beneficial for homeowners. Here are the typical steps in a loan modification:

1. Find a qualified loan modification specialist to assist with your negotiation

2. Gather your financial documents including W2, tax obligations, closing papers etc.

3. Present your example hardship letter to the bank

4. Negotiate with your bank, our agents know all of the tricks to help get you the best deal

5. Document all communication you have with the bank, use certified letters for any documents you send them and keep duplicates of all documents

6. Negotiate your final offer with the bank. You have the leverage, and our specialists know how to get reductions on your principal, reductions on your interest rate and how to save your home from foreclosure

The entire process can take upwards of 6 weeks and can be extremely difficult if you do not have a specialist working through the process with you. For free advice or consultation, please give us a call 1-877-866-8008.

For residents of Massachusetts, there are a huge number of foreclosures, and home owners are seeing their housing prices slide, and their mortgage payments double, and they are seeking mortgage foreclosure help luckily, we can help save your home with a loan modification.

Please continue to read the articles on this site and learn how you can receive a Massachusetts loan modification for you and your family.