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The Pitfalls of Mortgage Modification
The recent glut of home foreclosures has prompted the Federal Government to implement a program to help keep homeowners in their homes.
By: We Buy Houses Washington DC
The way the program is supposed to work sounds reasonable enough. You are in trouble with your mortgage payments and have been warned by your lender that foreclosure is imminent unless you catch up and start making regular payments again. You can get an application easily and fill it out. Once it’s submitted you’ll be given instructions on how to proceed.
The information you’ll need to provide is much like the information you provided when you took out the loan in the first place. You’ll need to let them know how much income you have and where you receive it from. All of your debts must be listed as well as any other information about your financial health that they would like to know.
When the information is submitted, you may be given a modification trial period in which your mortgage amount will be adjusted by the lender and the ultimate goal is to reduce your monthly payment. This is supposed to make it easier for you to stay in your home. The problem is that even though you are given a trial modification period you are not guaranteed the permanent solution.
You can’t be given any hint as to whether you are doing well in the program and will be a candidate for the permanent modification. It was made against the rules for the lender, the administrator, or anyone else involved to tell you where you stand as the process is moving along. Therefore you could be given false hope of being given the modification where you could be disqualified at the last minute. This has happened to millions of people that have applied.
What do you have to lose, you say? Plenty. Since they can’t tell you how you are doing, you may be tempted to stop looking for another solution in the mean time. The foreclosure clock does not stop while you are enrolled in the HAMP program, so if you are rejected you may find that you must vacate the property in as little as 30 days. The better solution might be to get an offer from an investor who can buy your house within a week or so and move on to a fresh start.
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