Local Law Firms Home > Bankruptcy Debt Relief Overview > Bankruptcy and Credit Repair Help > Foreclosure After the federal government set up the Home Affordable Modification Program (HAMP, lenders were supposed to help struggling homeowners avoid foreclosure. The theory is that the monthly payment should be lowered to make it affordable and sustainable over the entire term of the mortgage. Unfortunately, lenders still look upon this as "hardship help" that they can dole out at will, or not. To start with, applicants rarely know whether they are eligible for home loan modification. Secondly, the application and approval process is mind-numbingly opaque and stretches out over 1-3 months. Home owners have no idea what's going on in the interim, and the foreclosure process grinds on regardless. Are you facing a potential foreclosure and don’t know where to start? Are you unsure about your eligibility for loan modification? Our bankruptcy lawyers can help you. Contact a bankruptcy law attorney in your area today to learn how you can possibly save your home from foreclosure. The steps of loan modification include:
Ideally, your lender would consider the proposal on its merits and approve or reject it quickly. Unfortunately, banks are being inundated with these applications, and they have no way of responding immediately. The sum of it is that applicants will know nothing for at least 30 days. After that, the bank may call if they need any more information or documentation. If the application is approved, the homeowner gets a letter of approval stating the exact terms of the modification. Then there is a trial period, and if payments are met, the modification is made permanent. Have you followed one or more of these steps without getting an approval or any intimation regarding your home loan modification application? Our bankruptcy lawyers can help you. Contact a bankruptcy law attorney in your area today to learn how you can possibly save your home from foreclosure.
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