Based on information from associations that assist people which have used mortgage modification programs, innocent industrious individuals got kicked out even though they were involved in mortgage modifications that had been specifically created to avoid foreclosures. The Home Affordable Modification Program, or HAMP, was the emphasis of legal proceedings just recently held for the trial home mortgage modifications that allowed debts to stack up and files to go missing’, which in turn caused the seizure of a good deal of family homes.
You read that right, it seems like those mortgage loan modifications ended up being no benefit at all, but in reality led to a large number of foreclosures. Hopefully, you are not aware of anybody that has gone through this. On the other hand, if you do or possibly are going through this yourself, please realize that there is assistance and there are actually other foreclosure solutions.
With regards to mortgage modifications, Julia Gordon, senior policy counsel at the Center for Responsible Lending, in her Oct. 27 Congressional testimony stated, Many homeowners end up facing foreclosure solely on the basis of the arrears accumulated during a trial modification, she also said, One incomplete payment or one accounting mistake can land you on an apparently unstoppable conveyor belt to eviction. For this reason property owners must know about the foreclosure solutions that exist.
Close to one-half of the 1.4 million temporary or trial home loan modifications granted since the inception, in March 2009, of the program have been completely terminated, based on U.S. Treasury Department information and facts. It is my understanding that at the time of this article, no more than 470,000 property owners have gotten permanent mortgage loan modifications. Do you believe that?
A staggering figure is approximately one in five of the terminated mortgage modifications is either in bankruptcy or foreclosure, according to a Treasury survey of the nation’s 8th largest home mortgage loan servicers, which handle billing, collections and foreclosures. Do you know a friend or relative in this position? It’s really a dreadful place to be in, especially when there are foreclosure solutions that really deliver the results.
Shocking Data About Mortgage Modifications: Surprisingly, even property owners that do get accepted for mortgage modifications and never miss a payment can still end up in foreclosure, the Office of the Special Inspector General for the Troubled Asset Relief Program, stated in an Oct. 26 report presented to Congress. This report claimed, They may face back payments, penalties and even late fees that suddenly become due on their modified’ mortgages which they are unable to pay, thus resulting in the very loss of their homes that HAMP is meant to prevent..
To sum up, think again prior to asking your mortgage lender for a loan modification. It is quite conceivable that you too could find yourself in this identical homeowner nightmare! There are other and better genuine foreclosure solutions available, check them out before it’s too late.
WP/WOP Guy Te is the common sense approach foreclosure expert that can help you stop your foreclosure today. Questions concerning deed in lieu of foreclosure? Find out about your foreclosure solutions.