Home Affordable Modification Program (HAMP) is a program started in 2009 to help struggling homeowners refinance their mortgages and stay in their homes. Federal agencies, banks, credit unions, and Veterans’ Affairs collaborated to create standards for banks to consider when considering mortgage modification requests. The law is part of the Financial Stability Act of 2009 and eligibility depends on several factors.
You can modify your loan through your bank or whomever holds your mortgage. This means every bank or credit union is going to have different standards for eligibility and refinancing. If all of this is making your head spin, don’t worry. You are not alone. A loan modification attorney in Pasadena or any major metropolitan area can walk you through the complicated process. Many people are unsure they actually need a lawyer to handle their case. The process is complicated and stressful, so here are a few reasons you might need one.
You Are Very Close to Foreclosure
Homeowners seek to modify their loans for many reasons, some more dire than others. If you are one of the millions of Americans close to foreclosure, you know how stressful that time can be. If you do not act quickly, you could lose your home. A loan modification attorney can file a Temporary Restraining Order which halts any sale of your home. Experienced attorneys understand the confusing legal landscape in a way that you might not; there’s no shame in that. Their job is to help you stay in your home.
You’re Not Close to Foreclosure but You’ve Fallen Behind
So, you might not be facing the immediate threat of foreclosure, but you have started slipping on your payments and just can’t seem to catch up. This is a perfect time to call a lawyer who can advocate for you. Once you’ve gotten behind on your mortgage payments, it is very difficult to ever catch up. The amount of money you owe increases each month, and unless your income increases, you’re going to need a skilled attorney to fight for you.
You Are Already in the Process of Loan Modification and You Suspect Foul Play
Maybe you’ve already begun the loan modification process but you are thinking that you’re not being treated fairly. This is an understandable feeling. Dealing with banks and large corporations, you might feel overmatched. They speak in legalese and jargon designed to confuse you. A skilled, experienced loan modification attorney can cut through the confusing language and make sure that you are being treated fairly. You should call the attorney as early in the process as possible, so that if the servicer does violate your rights, your lawyer will have a full record of the proceedings as grounds for a lawsuit.
