News has been plentiful over the past few years on difficulties that homeowners have experienced in seeking loan modifications under the Home Affordable Modification Program. This blog has discussed issues that homeowners had due to so-called "dual tracking" problems among the nation's mortgage lenders during the modification process. Those stories highlighted issues where the banks seemed to have one department pursuing foreclosure proceedings, while a separate division was working on a HAMP modification.
Many people who fall deep into debt look into what options may be available to find meaningful debt relief. It is important to consider options, but it is also important to speak with professionals to help in making informed decisions on how to proceed. Cincinnati bankruptcy and credit restoration attorneys know that our culture relies heavily on credit to make transactions in day to day life.
In the last post, this blog reported that the Obama administration has announced an extension, and at least one expansion, of some federal foreclosure prevention programs. The White House is expected to announce new legislation in the near future aimed at home loan refinancing under a separate federal program known as the Home Affordable Refinance Program.
The Obama administration announced Friday that it is extending the federal foreclosure-prevention program, including the Home Affordable Modification Program. The White House says that the program will be extended one more year, through 2013. The federal government plans to increase the incentives the government pays private banks to reduce the principle balances on homes at risk for foreclosure.
In the last post, this blog began a discussion about the increase in nationwide loan modification scams, including recounting some experiences of a few victims of loan modification fraud. The issues of fraud have left many distressed homeowners in worse shape than before they came into contact with the con-artists. The foreclosure crisis has fueled many of the scams, as the con-artists prey on their fears of distressed homeowners.
For three years, Ohio homeowners have watched the news regarding the housing market collapse and the intense wave of foreclosures that followed. In 2009, the government announced the Home Affordable Modification Program that was intended to help more than 3 million distressed homeowners across the country to stave off foreclosure. Officials say only about a quarter of the intended beneficiaries have found relief through the HAMP program.
There is no question that the news has been filled with stories regarding the foreclosure crisis and home loan modification programs. Cincinnati bankruptcy lawyers are aware that some distressed homeowners overlook bankruptcy as an option to stop a foreclosure.