After her husband died in 2009, Paula, of Atlantic County, New Jersey, needed to obtain a loan modification because she could no longer afford the high monthly payments. HAMP had just come out that year, and she remembered hearing about it on the news. She found the loan modification application on Bank of America's website, and sent in the filled-out application and the appropriate documentation that they requested. The bank told her that … [Read more...]
Home Loan Modification
The process can be frustrating, the paperwork requirements are overwhelming, and banks can be unresponsive. It's necessary to approach a modification like any other real estate transaction such as a purchase or sale.
Ross, of Salem County, New Jersey moved into a home with his wife Jackie in 2005 when they were able to get a loan with an interest rate that was the lowest they had ever heard of. Ross worked full time at a local plastic factory making minimum wage. In June 2009, Ross lost his job and he and his wife couldn't keep up with the monthly mortgage payments. Plus, a month earlier, his interest rate shot up, making it even more difficult to make the … [Read more...]
The Future Of Foreclosure In the United States The truth is, the foreclosure crisis is not over. The end of the Great Recession, on the books recorded as June 2009, seems to be a premature end-date for those still feeling first-hand the financial backlash of the economic downturn. Homeowners suffered significantly during the Great Recession; foreclosure rates skyrocketed, many of which compared to the foreclosure rates during the Great … [Read more...]
HAMP: The Obama Administration and The Banks' Love Child When the economy was hit hard, the people turned to their government for help. Economists stated that during the period from 2007 to 2009, the bottom 90% of Americans experienced the loss of one-third of their wealth, most of which was concentrated in their homes. After the housing market collapsed, millions of Americans were hurt deeply, and looking for financial healing. They turned to … [Read more...]
Loan Servicers: The Face of Corruption A Glance at HAMP The Home Affordable Modification Program, HAMP, was a policy that went into effect during Obama's presidency. As the administration and financial institutions ( its creators) would proclaim, it was designed to relieve the foreclosure crisis. But, what most won't tell you, is that there was a great deal of corruption going on behind the scenes - all of which greatly hurt homeowners, and … [Read more...]