That's an excellent question and one I have fielded more than once. FDIC is the Federal Deposit Insurance Corporation who's existence is to insure funds deposited with any and all banking institutions (if you don't see the FDIC sign on the door of your bank I would be concerned) and has recently upped the deposit insurance from $100,000 to $250,000. The FDIC is there to keep depositers from losing their savings in the unfortunate event that a specific bank fails. The problem falls in that they don't make loans and are unable to conduct any loan modification with a specific lender.
In order to explore whether you qualify for a loan modification it would be necessary to speak to your lender. Start by contacting them using the number provide on any of the statements you receive; the person on the phone will be able to direct you to the department most qualified to assist you. The lender will request some financial information as well as discussing your options. If there is no satisfactory resolution with direct communication with the lender you can then seek out a qualified third party loan modification service provider. These companies have experience negotiating with lenders to secure a payment which is affordable to the homeowner. Although you should be aware that these service providers do collect a fee up front. Do your research; as with anything in life there are good providers and ones I would avoid.
Answer Submitted on Wed, Jun 10 2009
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