6. What are the HAMP loan modification guidelines?
Initial qualifications are as follows:
7. Why should I hire a California loan modification attorney?
While a short sale can be an effective relief for a homeowner facing foreclosure, it can also benefit lenders. Believe it or not, property foreclosure is not only a hardship for the homeowner, but for the lending bank as well. The homeowner has to deal with the reality of losing their home and the financial worries that ensues and the banks must find a way to recover as much of its losses as possible. Banks do not want to own homes. They are not in the real estate business, and foreclosing on a home only adds more to their workload.
California has been hit hard by the foreclosure crisis, and it’s not over yet. With many adjustable rate mortgages ready to reset, a state that already has 25% of the nation’s foreclosures may be hit again. California hold over 50% of the nation’s ARMs, many of which are about to increase their interest rates, leading to even more foreclosures in the state. The housing programs MHA and HAMP were to provide relief for thousands of homeowners, and yet due to constraining guidelines and an unwillingness to negotiate on part of the banks, foreclosures have increased across the state. As a result, District Attorney Edmund Brown Jr. has taken the initiative on the housing crisis.
Many homeowners are just not able to make their monthly payments and are receiving foreclosures notices left and right. They do everything they can from calling their bank, borrowing money from friends and family, taking it out of credit cards and then finally taking out of their retirement. They make the endless calls to their lender with no help just trying to get a loan modification and getting no help. When their banks aren’t responding and usually don’t they pick up the phone and call a loan modification attorney to help them save their home. This is their last resort in hopes of qualifying for Making Home Affordable, HAMP, or just any loan modification program that is available to get them into a more affordable mortgage payment.
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