I wanted to share this with our readers. I received my weekly US Dept of the Treasury report and it had some interesting information regarding preserving home ownership.
Under the Home Affordable Modification Program (HAMP) there are numerous ways for homeowners to seek modification on their loans to save their home. Even if you have tried modification in the past and have been turned down I encourage you to contact your lender regarding their participation with the HAMP program. Phyllis Caldwell’s Dec 1st recent testimony before congress outlines many of these options.
Program Guidelines Include:
1. Homeowners must be evaluated for loan modification prior to foreclosure.
2. Suspension of foreclosures for homeowners who have applied for HAMP.
3. Evaluate other options for homeowners who do not qualify for HAMP.
4. Provide written explanation and give homeowners 30 days for appeal if denied modification.
If you have any questions regarding your options in a foreclosure such as short sale we are here to help.