The Center For Responsible lending reported that there has been 1 Million Foreclosure filed so far in the U.S. for 2009.  That’s an average of 6500 foreclosures/day, and this number is estimated to hit 2.4 millon by the end of the year based on trends

Meanwhile the Mortgage Relief Plan launched by the Obama Administration has helped about 60K homeowners. We consider this to be a very insignificant portion of a BAILOUT simply by looking at the numbers above and the magnitude of the housing crisis.  60K vs 1 Million will not get us out of the housing crisis.  At the same time it’s better than nothing, right?

The bottom line is you need to reduce your house payments in order to make the house affordable.  With unemployment rates increasing and in effect creating doward pressure on wages there is no other option than to consider loan modification.  It can’t hurt to try and reduce your payments on a home loan that is underwater.  Trying is free, and the worst thing that will happen is that the bank will say No.

If you need a loan modification company to help you understand your option contact Trinity Loan Modification .