Mortgage Modifications Don’t Help
Mortgage modifications didn’t help three year old Anthony, who often tells his mom Jill G., of Mesquite, Texas before he goes to bed: “I wanna go to the other house.”
Jill, Anthony and their dog, Tiffy a black Lab-mix, moved approx 12 miles to a rental after their home in Garland was auctioned away in a foreclosure auction. Jill tried, for close to a year, to get one of those mortgage modifications, only to have the rug pulled out because the approval was then rescinded. Bank of America Corp. said Jill had missing documents — papers that Jill said she sent.
Based on information from groups that help homeowners that have used mortgage modifications program, Jill’s ordeal has been repeated thousands of times. According to them, innocent hardworking homeowners still get evicted while participating in mortgage modifications specifically created to avoid foreclosures. The Home Affordable Modification Program was the target of hearings recently held for “trial” mortgage modifications that permitted debts to pile up and paperwork to ‘go missing’, which resulted in the seizure of homes.
Regarding Mortgage Modifications
Regarding mortgage modifications, Julia Gordon, senior policy counsel at the Center for Responsible Lending, in her Oct. 27 Congressional testimony stated, “Many homeowners end up facing foreclosure solely on the basis of the arrears accumulated during a trial modification,” she also said, “One incomplete payment or one accounting mistake can land you on an apparently unstoppable conveyor belt to eviction.”
Around one-half of the 1.4 million temporary or “trial” mortgage modifications granted since the inception in March 2009 of the program have been canceled, based on U.S. Treasury Department information. Less than 470,000 homeowners have gotten permanent mortgage modifications. A staggering figure is approx one in five of the canceled mortgage modifications is either in bankruptcy or foreclosure, according to a Treasury survey of the nation’s eighth biggest mortgage loan servicers, which handle billing, collections and foreclosures.
Shocking Info On Mortgage Modifications
Shockingly, even homeowners that do get approved for mortgage modifications and never miss a payment can still end up in foreclosure, the Office of the Special Inspector General for the Troubled Asset Relief Program, stated in an Oct. 26 report given to Congress. This report said, “They may face back payments, penalties and even late fees that suddenly become due on their ‘modified’ mortgages and that they are unable to pay, thus resulting in the very loss of their homes that HAMP is meant to prevent,”.
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Mortgage Modifications Has Lead To Foreclosure – Don’t Let This Happen To You!