Foreclosure Strategies
May 10 2018
The best way to deal with a foreclosure is to take aggressive legal action when the foreclosure laws... [Read More...]
April 8, 2016 By
The federal mortgage lending program called HAMP is a program created by President Obama’s administration. This program does not work well. Approximately one homeowner in five is successful in obtaining a mortgage modification under this program. Many homeowners presume that they will be given a mortgage modification if they simply submit an application. This is simply not the case. The large majority of homeowners who submit mortgage modifications will never obtain a mortgage modification.
Many homeowners who come to my office presume that the financial institutions which hold their mortgages are interested in helping them. Unfortunately, that is generally not the case. The financial institutions which hold mortgages are interested in making money! If they find the homeowner does not meet their criteria related to the profitability of the mortgage, they usually will not grant mortgage modification. Banks and other financial institutions are not social service agencies. They are financial institutions which seek to make a profit that benefits their shareholders. Not all homeowners are good candidates for mortgage modifications. However, there is a way of maximizing the potential of obtaining a mortgage modification. When homes are in foreclosure, and the homeowner retains counsel who submits numerous affirmative defenses and countersues the bank to set the mortgage aside, the banks and their attorneys pay more attention to the applications of these homeowners for modifications. This can increase the homeowners chances of obtaining a reasonable and fair mortgage modification. This is an example of the expression, “the squeaky wheel gets more grease.”