Based on details from groups which help home owners who have chosen mortgage modification programs, innocent hardworking homeowners got thrown out of their homes even while participating in mortgage modifications that were specifically designed to prevent foreclosures. The Home Affordable Modification Program, or HAMP, was the specific target of legal proceedings just recently held for the trial mortgage modifications that permitted debts to pile up and documentation to go missing', that ended in the seizure of a whole lot of residences.
That's right, it seems like these mortgage loan modifications ended up being no assistance at all, but actually led to a vast amount of foreclosures. Hopefully, you don't know of any person that has gone through this. Then again, if you do or maybe are going through this yourself, please be aware that there is help and there are 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 have to know about the foreclosure solutions that exist.
About one-half of the 1.4 million temporary or trial mortgage loan modifications approved since the inception, in March 2009, of the plan have been canceled, based upon U.S. Treasury Department data. It is my understanding that at the time of this article, no more than 470,000 home-owners have gotten permanent home loan modifications. Do you believe that?
A staggering figure is approximately one in five of the terminated home loan modifications is either in bankruptcy or foreclosure, according to a Treasury survey of the nation's eighth biggest mortgage loan servicers, that process billing, collections and foreclosures. Do you know anybody in this predicament? It is a horrible place to be in, especially when there are foreclosure solutions that genuinely succeed.
Surprising Information Concerning Mortgage Modifications: Surprisingly, even property owners that do get accepted for mortgage modifications and never skip 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..
In conclusion, think again prior to asking your mortgage lender for a loan modification. It is quite possible that you too could wind up in this same homeowner nightmare! There are other and better actual foreclosure solutions in existence, check them out before it's too late.
That's right, it seems like these mortgage loan modifications ended up being no assistance at all, but actually led to a vast amount of foreclosures. Hopefully, you don't know of any person that has gone through this. Then again, if you do or maybe are going through this yourself, please be aware that there is help and there are 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 have to know about the foreclosure solutions that exist.
About one-half of the 1.4 million temporary or trial mortgage loan modifications approved since the inception, in March 2009, of the plan have been canceled, based upon U.S. Treasury Department data. It is my understanding that at the time of this article, no more than 470,000 home-owners have gotten permanent home loan modifications. Do you believe that?
A staggering figure is approximately one in five of the terminated home loan modifications is either in bankruptcy or foreclosure, according to a Treasury survey of the nation's eighth biggest mortgage loan servicers, that process billing, collections and foreclosures. Do you know anybody in this predicament? It is a horrible place to be in, especially when there are foreclosure solutions that genuinely succeed.
Surprising Information Concerning Mortgage Modifications: Surprisingly, even property owners that do get accepted for mortgage modifications and never skip 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..
In conclusion, think again prior to asking your mortgage lender for a loan modification. It is quite possible that you too could wind up in this same homeowner nightmare! There are other and better actual foreclosure solutions in existence, check them out before it's too late.
About the Author:
WP/WOP Guy Te has successfully helped many homeowners facing foreclosure. Questions concerning deed in lieu of foreclosure? He is a true foreclosure expert in the are of foreclosure solutions.
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