Sunday, September 20, 2009

What You Want To Learn About Home Affordable Loan Modification Program (HAMP)

Since the President implemented loan modification company programs such as MHA, homeowners are still feeling the pinch of not being able to get their florida manufactured home loan or trial Attorney Workouts done by their banks. In addition, bank/server numbers are still not making the grade with the expectations of the Obama Administrations Attorney Modification expectations. note holders still need to step up to the plate and perform more successful Mortgage Modifications.

Just to give you an idea of what lenders have extended Mortgage Modifications or trial Loan Workouts here is a look at some statistics. Roughly over 40 financial companies have signed up for the Home Affordable Attorney Adjustment Program (HAMP), which is as we all know is a very small percentage of the note holders in the industry. Banks/services have signed up to modifying over a half a million mortgages by the end of September 2009, which is just a small dent in the large number of homeowners’ that qualify for a Note Adjustment.

The financial companies that have started the most trial Attorney Workouts include CitiMortgage. The banks/servicers that have started the least trial Loan Workout and are at the bottom of the list is Wachovia and others.

As you see from these statistics, servicers still have a long way to go in providing Loan Adjustment, especially when you have Bank of America that owns 45% of the note holders industry at the bottom of this list. Does this mean they own 45% of the loans in the Note Workout arena? If that is the case, then these statistics are just horrid for Bank of America.

There is small progress recently in the offering of trial Loan Workout, but read the fine print if you are trying to do the Attorney Modification yourself. A trial loan modification does not mean you are guaranteed a Mortgage Workout when the trial is done. Unfortunately, the trial Mortgage Workout paperwork that you receiving is deceiving and written in legalize. Too many times we get phone calls from homeowners that thought the trial Mortgage Workout meant they qualified for a permanent loan modification. The trial Attorney Modification only gives time for the bank/servicers to evaluate if you really qualify for a Mortgage Adjustment. In many cases, homeowners are denied in the end! Don’t let this happen to you.

To find out more about qualifying for a trial Note Adjustement, we recommend visiting a website where there is plenty of information to help you. Visiting an attorney based Loan Modification firm isa must for anyone looking for professional assistance with their Attorney Workout.

Many of these solutions offer money back guarantees. You want to ensure you are not taken advantage of during your time of need. This is why an attorney who has a duty to work in your best interest is the best way to go.