Foreclosure Solutions that Really Do Not Include Mortgage Loan Modifications
by Guy Te
According to data from groups that assist homeowners that have used mortgage modification programs, innocent industrious home-owners got evicted from their homes whilst participating in mortgage modifications which were specially created to avert foreclosures. The Home Affordable Modification Program, or HAMP, was the focus of hearings just recently held for the trial mortgage modifications that permitted debts to accumulate and documents to go missing', that resulted in the seizure of a lot of residences.
You better believe it, it seems like those home mortgage modifications were no assistance at all, but actually led to a huge amount of foreclosures. Hopefully, you do not know of anybody which has gone through this. Then again, if you do or maybe are going through this yourself, please be aware that there is assistance and there are actually other foreclosure solutions.
Concerning 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. This is exactly why home-owners need to find out about the foreclosure solutions that are available in their area.
Roughly one-half of the 1.4 million temporary or trial mortgage loan modifications granted since the inception, in March 2009, of the program have been canceled, based upon U.S. Treasury Department data. It is my understanding that at the time of this article, lower than 470,000 property owners have gotten fixed mortgage modifications. Can you believe that?
An astounding number is approx one in five of the canceled 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. Are you aware of an individual in this position? It's really a horrific place to be in, particularly when there are forclosure solutions that actually work.
Astonishing Details On Mortgage Modifications: Shockingly, even property owners which do get approved for mortgage modifications and never neglect a monthly 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 pointed out, 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 it up, reconsider prior to asking your bank for a loan modification. It's quite conceivable that you too could end up in this identical homeowner nightmare!
You better believe it, it seems like those home mortgage modifications were no assistance at all, but actually led to a huge amount of foreclosures. Hopefully, you do not know of anybody which has gone through this. Then again, if you do or maybe are going through this yourself, please be aware that there is assistance and there are actually other foreclosure solutions.
Concerning 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. This is exactly why home-owners need to find out about the foreclosure solutions that are available in their area.
Roughly one-half of the 1.4 million temporary or trial mortgage loan modifications granted since the inception, in March 2009, of the program have been canceled, based upon U.S. Treasury Department data. It is my understanding that at the time of this article, lower than 470,000 property owners have gotten fixed mortgage modifications. Can you believe that?
An astounding number is approx one in five of the canceled 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. Are you aware of an individual in this position? It's really a horrific place to be in, particularly when there are forclosure solutions that actually work.
Astonishing Details On Mortgage Modifications: Shockingly, even property owners which do get approved for mortgage modifications and never neglect a monthly 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 pointed out, 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 it up, reconsider prior to asking your bank for a loan modification. It's quite conceivable that you too could end up in this identical homeowner nightmare!
