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Home Affordable Modification Program

By Ginger Taylor

Under the Home Affordable Modification Program (HAMP) mortgage lenders were ordered to expedite the review process for loan modifications. Evidently, 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 mail 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 need to offer another option to help you avoid the foreclosure process.

Now with the Home Affordable Modification Program receiving support with loan modification is much easier. The wait time is much shorter.

However, some homeowners have experienced the opposite. There have been instances in which homeowners actually qualified for loan modification but the mortgage lenders took too long to evaluate 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 claimed that their banks are not offering any type of loan modification help at all.

An experienced loan modification legal expert is the best resource if you are facing foreclosure. Most will provide you with a free consultation and inform you of your rights and best options. You need a professional that is acquainted with the laws and able to negotiate on your behalf.

A qualified attorney at law will guide you through the entire process and help you get your loan modification approved.

Janian and Associates uses the information from the forensic loan audit to uncover the real terms of the loan, to determine if there are any applicable federal law violations, and find out if there are any hidden fees and/or commission earned by your broker and/or lender. This provides leverage for negotiating a loan modification.

Call janian & associates for a free consultation with a loan modification attorney.

Article kindly provided by UberArticles.com

Topics: Loans | Comments Off

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Article Citation
MLA Style Citation:
Taylor, Ginger "Home Affordable Modification Program." Home Affordable Modification Program. 24 Jul. 2010. uberarticles.com. 23 Feb 2016 <http://uberarticles.com/finance/loans/home-affordable-modification-program/>.

APA Style Citation:
Taylor, G (2010, July 24). Home Affordable Modification Program. Retrieved February 23, 2016, from http://uberarticles.com/finance/loans/home-affordable-modification-program/

Chicago Style Citation:
Taylor, Ginger "Home Affordable Modification Program" uberarticles.com. http://uberarticles.com/finance/loans/home-affordable-modification-program/


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