Obama administration has released its report for April Home loan modification program. The report states that- it conducted permanent modifications for almost 300,000 homeowners that an increase of 68,000 or almost 13 percent over March. This initiative of government, realizing the importance of loan modification is proving to work.

“The number of homeowners receiving significant relief through a mortgage modification continues to rise,” said Chief of Treasury’s Homeownership Preservation Office ( HPO ) Phyllis Caldwell. “Our focus now is on improving the homeowner experience and holding servicers accountable for their performance. Increased transparency through more robust reporting of servicer-specific data will contribute handily to those efforts.”

The mechanism of loan modification, is simple and most importantly it works. Auto loan modification also falls in the identical lines of home loan; moreover its function is more or less the same. If you are not able to pay your auto loans payment, auto loan modification can bring down your monthly payments and extend the term period.

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