The Home Affordable Modification Program was enacted to help curtail the rising number of homes facing foreclosure by lowering mortgage payments. The program was initially projected to help two to three million people who were in danger of losing their homes, but its numbers have fallen short if the projected goal.
In late March, a bill to eliminate the program was passed by the House, and is entering the Senate for vote. It is possible that President Obama will veto the bill if it passes the Senate.
So far, the measure has helped 650,000 people with loan modification, and many are still eligible. In many cases loan modification can help a person avoid foreclosure, but others will need to hire a foreclosure attorney, especially if they suspect negligent bank practices.
To qualify for HAMP a person must be able to make the modified monthly payment on their own, and continue to make payments once the program’s assistance has ended.
Modification is possible even if the HAMP program is no longer available. Facing foreclosure can be a troubling time, and many can fall victim to fraudulent agencies, which promise help, but often take a client’s money while doing nothing about their situation. When considering modification homeowners should contact a foreclosure lawyer to help them with their case.
Even if modification isn’t possible, a foreclosure attorney can inform the underwater homeowners of the different options available to them such as short sale or deed in lieu of foreclosure.
