I continue to hear the horror stories every day from homeowners spending more than a year, that's right more than a year, trying to have their mortgages modified. They are faced with stall tactics by the bank, continuous delays and ultimately denial.
Just this past week I met with a couple who had spent several months working with their lender and finally received a 'trial modification' (temporarily modified mortgage). They had made every trial payment on time for 14 months. That's 11 months past the standard three-month trial period, but the lender was predicting a permanent modification, so the homeowner kept paying.
They submitted every piece of paperwork required -- multiple times because the lender claimed to keep losing it, only to learn that the permanent modification had been denied after all.
If these homeowners had known that sooner, they would have stopped paying sooner and "not thrown away the money".
I hear this story almost every day from borrowers who, like the homeowners mentioned here, have sought a loan modification through their lender under the U.S. Treasury Department's Home Affordable Modification Program, or HAMP.
One may conclude from this and similar horror stories that abound in the news that servicers are simply milking as much money from the borrower as they can before taking the house, which they knew they would do all along.
As long as they keep the payments coming, the servicer gets paid as well as the investor.
For the majority of the homeowners who don't get a permanent modification, they lose more than the house and the money they'd been laying out for the trial modification payments. Even if they paid the modified trial payments on time, they get hit with late fees for not making the full payments during that period.
That's right. They get penalized for doing what they thought they were supposed to be doing.
Banks caught forging signatures on foreclosure documents and claiming ownership of mortgages that aren't theirs like to shift attention to, what they refer to as, the deadbeat homeowner.
"They were going to before foreclosed on anyway, so what's the big deal about sloppy paperwork?
They promised to make payments and didn't. The banks are essentially saying;that borrowers violated their contracts with lenders, so they got what was coming to them."
But banks, too, made certain promises. They took in billions of dollars in TARP funds and were contractually obligated to help homeowners, participate in HAMP and follow its rules. It looks like they haven't.
If you are in the process of modifying your mortgage, in foreclosure or considering a Strategic Default, then consider retaining the Carman Law Firm.
When you work with us, you will be working with a team who believes in bringing you all the information and skills we can. We consider it our duty to help you analyze your situation, and we will provide you with every detail to ensure you make the most informed decision. We can also assist you with settling your credit card debt for pennies on the dollar and provide active credit repair, helping your credit score rise as quickly as possible after a short sale or strategic default.
The Carman Law Firm can assist those in need of debt and mortgage relief. With many options available and trusted answers to questions that someone might have about regarding credit card debt, short sales, loan modification, foreclosure and strategic default.
Begin protecting your family's best interests today; Call the Carman Law Firm
at 1-800-763-0775 for an informative and free comprehensive consultation on how the Carman Law Firm can help you.