This policy is not effective until January 1, 2010, but the Government is requesting that mortgage servicers start following it now.
I have talked to many people confused about the whole process, and even more confused when they are denied without any explanation.
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I recently had a client that apparently did not meet the qualifications of the government program but supposedly met the loan service providers criteria.
Bottom line, loan servicer did a modification that lasts only two years and now the client owes more on his house than what he paid for it.
This is a sham, the guy is going to be worse off when his rate goes back up in two years with a higher principle amount of money!