ABA Journal: “The federal Home Affordable Modification Program is supposed to help struggling owners get revised mortgage terms that will make it possible for them to hold onto their personal residences. But only a small fraction of those who apply are being approved by lenders, even when they are making trial revised loan payments on time, reports McClatchy Newspapers. And, if their applications are rejected, homeowners don’t even have to be notified that there is a problem, under standard HAMP application languaged okayed by the U.S. Treasury Department.”
See “Homeowners often rejected under Obama’s loan plan,” which starts:
Ten months after the Obama administration began pressing lenders to do more to prevent foreclosures, many struggling homeowners are holding up their end of the bargain but still find themselves rejected, and some are even having their homes sold out from under them without notice. These borrowers, rich and poor, completed trial modifications of their distressed mortgage, and made all the payments, only to learn, often indirectly, that they won’t get help after all.
Related posts:
- Phoenix Home-loan Modification Delayed for Many
- Loan Modifications on Slow Pace
- Arizona Attorney General Targets Home Loan Schemes
- Attorneys General Home In on Foreclosures
- Program May Help Some Stay in Homes
- Home Owners Having Loan Modification Success
- Attorney Generals Meet on Mortgage Fraud
- Foreclosure Challenges Raise Questions About Judicial Role
- Lender Who Can’t Prove Ownership of Loan May Not Foreclose
- Home Short-sellers may Face Painful Taxes
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