Contact: Robert Yetman, 407-719-7255

DAYTONA BEACH, Fla., Aug. 19 /Christian Newswire/ -- James Paris, the Founder and CEO of Christian Internet Income.com (www.christianinternetincome.com), a website dedicated to helping Christians realize financial freedom from creating their own Internet-based businesses, declares that too much time has been wasted by lenders, at the behest of the federal government, attempting to process mortgage modifications for borrowers who simply do not have the resources to sustain the new payments, and that viable modification candidates have been hurt as a result.

Citing a report from Reuters released Wednesday, August 18, Paris noted Bank of America's statistics that indicate a significant drop-off in the number of applicants in the mortgage modification pipeline. According to the report, BOA representatives are of the opinion that new rules on behalf of the government's HAMP (Home Affordable Modification Program) mechanism, instituted in April by the U.S. Treasury, are resulting in fewer modification applications…but for the right reasons.

Specifically, the new rules require that banks obtain full documentation of income and put the applicant through a full underwriting process before permitting a trial modification. This new measure came as a response to widespread criticism of the government's program, which allowed the mortgage modification process to move forward before the applicant's financial viability was established.

Says Paris, "It is nothing short of insane that a bank be expected to initiate any sort of meaningful efforts on behalf of a mortgage modification applicant without hard and fast information to consider. Allowing that in the first place is simply a case of shallow window-dressing on the part of an administration that prioritizes style over substance. What's more, the system has been clogged with modification applicants who aren't truly viable candidates for a modification, and this has perpetuated the misery for those folks who are."

Paris recently announced the release of his own proprietary do-it-yourself mortgage modification product. The Do-It-Yourself Loan Modification System, co-authored by Paris and financial writer Bob Yetman, represents a complete "lean and mean" manual for distressed homeowners seeking to step back far enough from the brink of foreclosure to actually regain the upper hand in their home ownership. The package is available online at www.mortgagemodificationsystem.com for only $49.

In addition to overseeing Christian Internet Income.com, James Paris is also the Editor-in-Chief of Christian Money.com (www.christianmoney.com), the author of more than 20 books on personal finance, and makes numerous appearances each year on nationwide television and radio.