21/03/2012 Financial & Legal Services
The Obama administration introduced the HAMP mortgage loan modification program as a way to help homeowners who were in danger of defaulting on their mortgage loans an opportunity to receive new terms on their loans and stop foreclosure from happening. It was a chance for hard working Americans to escape from the terms of the predatory loans the banksters originally put them in when they were well aware that the majority of people being approved for their predatory mortgages would not be able to afford.
Considering the unlawful and unethical actions of predatory lenders such as Wells Fargo, Bank of America, JP Morgan Chase, Citigroup and others over the course of the past decade, how can we possibly expect them to do the right thing and go along with something that could help homeowners stop foreclosure?HAMP was an answer to the question of what can be done to help homeowners stop foreclosure by making it much easier for people to obtain loan modifications.
This would release people from predatory loans and help them get into mortgages with a much lower as well as fixed interest rate that would reduce monthly payments to something that would be much easier for struggling homeowners to afford, therefore avoiding going into default on their mortgages and losing their homes to foreclosure.However, things have not exactly gone completely to plan since the banks have decided to simply pretend like they are going to embrace HAMP while at the same time continuing their predatory lending practices. This is why they have been consistently denying upwards of 80% of all loan modification applicants. Once a homeowner has been denied a loan modification, they are told that they simply must apply again and restart the entire process, all the while working with the same lender that originally trapped them in a predatory loan.
While changes have recently been made to HAMP that will allow homeowners to shop around for their loan modification like people are currently able to do, Wells Fargo – the largest mortgage servicer in the country – have said that they will limit their participation in this program, known as HAMP 2.0. If the other major lenders, such as Bank of America and JP Morgan Chase were to follow their example, then homeowners could face a very similar situation of being forced to deal with their original lenders like they are now.This is why if you need foreclosure help, you should contact a reputable audit company such as Tila Solutions to give you the foreclosure help you need.
For over a decade, Tila Solutions has been looking out for the homeowner with their forensic loan audits and securitization audits, and they can put you in touch with a reputable loan modification attorney. If you need help stopping foreclosure, a Tila Solutions Consultant is available by telephone at (702) 508-0335. Or you can visit the Tila Solutions website at loan modification attorney.
A family in Port Saint John, Florida stood staring at the terrifying gaping jaws offoreclosure, but thought they had been saved once a much needed mor...