Under the Home Affordable Modification Program (HAMP) mortgage lenders were told to accelerate the review process for loan modifications. Apparently, the applications submitted by struggling homeowners were not being processed in a timely enough manner. It seems these applications were just sitting collecting dust while the threat of foreclosure loomed.
According to the Home Affordable Modification Program:
Mortgage lenders need to send confirmation in writing that they received your loan modification request.
Mortgage lenders need to approve or reject your loan modification request within 30 days of receiving your application.
If a mortgage lender denies your application, they have to offer another option to help you avoid the foreclosure process.
Now with the Home Affordable Modification Program obtaining support with loan modification is much easier. The wait time is much faster.
However, some homeowners have experienced the opposite. There have been situations in which homeowners actually qualified for loan modification but the mortgage lenders took too long to look at the applications. In these cases the homes went into foreclosure because the applications were not approved in time to stop foreclosure.
Many other home owners have reported that their banks are not offering any type of loan modification assistance at all.
An experienced loan modification attorney at law is the best resource if you are facing foreclosure. Most will provide you with a free consultation and inform you about your rights and best options. You need a professional that is familiar with the laws and able to negotiate on your behalf.
A qualified legal expert will guide you through the entire process and help you get your loan modification approved.
Sunday, July 18, 2010
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