The federal government along with the Treasury Department will be providing an additional $3.1 billion dollars to a group of mortgage companies as an incentive to get them to modify loans to help reduce the number of foreclosures.  This additional money for the program is an attempt to reduce or halt the number of foreclosures which are at an all time high.

The program originally had over $15.2 billion allocated to it, and this increase now puts the total of the program at $18.3 billion dollars.

The government is giving the mortgage industry a lot of money in hopes that they will work with consumers,  although many advocates for consumers have stated that many of the companies receiving the funds have not made a large enough effort to stem foreclosure rates.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 410-992-0444.