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For nearly a year, American lawmakers have been struggling to find creative ways to curb the amount of foreclosures that are over taking the country. One such act would be to allow struggling home owners the simple act of being able to refinance their loans more easily, but unfortunately that has not been an easy battle. To force the hand of the lenders to require them to work with borrowers, steps have been made by Congress to allow bankruptcy courts to modify mortgage loans.

Despite previous efforts from the government to stop the amount of foreclosures through the "Hope for Homeowners" program put into effect under the Bush administration, the problem has actually accelerated. The Attorney General believed that by changing the Bankruptcy Code millions of homeowners would be properly assisted and able to keep their homes.

Admittedly, this bankruptcy court ordered loan modification suggestion requires a compromise from the involved parties. Both the homeowners and mortgage investors would share the losses distributed by the courts rulings. With the investor taking the hit at losing the outstanding principal exceeding the value of the home.

Many banks were against the ability for bankruptcy courts to order loan modifications as they think the mortgage rates would spike in direct relatoin to this action. However, no concrete data has been provided by either party regarding what the estimated mortgage rate interest would be. Despite their objections the U.S. House Approved the mortgage bankruptcy measure in late January, 2009. Only time will tell what the ultimate affect of this decision will be.

Pull into any planned living community in the U.S.A, and you may make the unfair judgment that everyone there is identical because the houses all look alike. But beneath the coordinating exteriors, you will find a slew of colors, life style choices, personalities and mortgage loan types suited to the needs of the owners. For instance, while Joe and Bonnie favors a fixed mortgage loan, their neighbors Jill and Rich found that the best mortgage loan type for them was an adjustable rate mortgage.

From the get go, Joe and Bonnie knew that the next home they bought they would be be living for decades. Their home buying process began with:

• calculating how much home they could afford
• investigating the local school district
• investigating nearby parks
• making sure the home was large enough to raise a couple of kids

Since they plan on being in their home for the long haul, the best mortgage loan type for them was a traditional 30 year fixed rate mortgage loan. They wanted the predictability of fixed payments and wanted to lock in their interest rate as they qualified for a historic low.

Although Rich and Jill also qualify for an historic low for their mortgage loan rate, their best mortgage loan type was an adjustable rate mortgage. Rich and Jill love owning property, but tend to live more on the nomadic lifestyle as they like to move every few years "just to mix it up." In their case, they opted for a ARM loan as the promotional introductory mortgage loan rate, was even less money than the traditional fixed rate loan. They know that they only have a few years until the interest rate resets, and so they plan on listing and selling the house in ample time.

As everyone is different, there is no one best mortgage loan type. Each prospective home buyer needs to analyze their housing goals and behavior by doing the research on all the different types of mortgage loans and then make the decision on their personal decision on what the best mortgage loan type for them would be.

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