Government Assistance Home Loan Modification

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Author: Purrazzella & Purrazzell, P.A.
Subject Category: Editorials
Publish Date: Disabled World - Apr 07, 2011 | Updated: Oct 22, 2011

Abstract: Dishonest companies taking advantage of people desperate for help paying their mortgage by claiming they can guarantee to stop a foreclosure.

Document Detail: Homeowners in risk of foreclosure can face a lot of stress and worry.

Some dishonest companies are taking advantage of those desperate for help paying the mortgage by claiming they can guarantee to stop a foreclosure, but fail to help the homeowner in any way. Often they will ask for a large one-time up-front fee to take care of a loan modification, and then walk away with your money.

Many frauds begin with a person or company that pretends to be a government agency or program. They may mimic government websites and program names.

Other scams include getting a homeowner to sign over the title of his or her home, then pay the new owner in a "rent-to-own" payment plan. The scammer will then raise the rent or use other methods so you can't make the payments, leaving them free to sell the house. In other cases, the scammers will ask you to sign paperwork to make your mortgage current. In reality, you are signing over the title of your house for a so-called "rescue" loan.

What to do When Discussing a Home Loan Modification

Home loan modifications can be legitimate and beneficial if handled by honest government programs or attorneys.

Here are a few helpful tips to know if you're dealing with a legitimate organization:

* Get the name of the person/company, and research them. Know with whom you are talking, and get contact information.

* Watch out for guarantees to save your home. It is possible to successfully modify your home loan, but legitimate companies will not make exaggerated claims or guarantees.

* Don't feel pressured to sign something you haven't read or understand fully - when in doubt, contact an attorney who can tell you what you're signing

* Watch out for any person or company that asks you to pay them instead of your mortgage in exchange for a loan modification.

Loan Modifications are One of Several Potential Options

Home loan modifications are not the only option. Deeds in lieu of foreclosure and bankruptcycan also be good choices for struggling homeowners. If you are concerned with foreclosure contact a bankruptcy attorney.

While it can be difficult to understand the steps you should take if you are behind on mortgage payments, legitimate help is out there.

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U.S. Govt. Print. Off. Home Owners' Loan and National Housing Act. hearings before a subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-fourth Congress, first session, on S. 1771 and H. R. 6021, bills to provide additional home-mortgage relief, to amend the Federal Home Loan Bank Act, the Home owners' Loan Act of 1933, and the National Housing Act, and for other purposes. March 20 to 29, 1935
Book (U.S. Govt. Print. Off.)

Bank of America has modified 600,000 mortgages

2009-12-10 12:56:14 by Listen_to_meh

CALABASAS, Calif. - Bank of America Corp. said Monday it has provided mortgage relief through loan modifications for more than 600,000 homeowners since January 2008.
The renegotiated loans were done through its own programs and the government's Home Affordable Modification Program, the bank said.
Bank of America has concluded more than 450,000 loan modifications since January 2008 under its own programs. That includes about 225,000 modifications so far this year.
Through the government program and others, Bank of America said it has provided $215 billion to refinance existing mortgages

Bubbletards say government will back out of

2010-01-25 11:59:05 by mrgoodbar72

Real estate after apr 30th... Epic fail and more proof that the next "wave" is likely to be short sellers if at all:
Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
Allows borrowers to receive pre-approved short sale terms before listing the property, including the minimum acceptable net proceeds

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