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According to data from organizations that assist individuals that have used mortgage modification programs, innocent hardworking home owners got evicted from their homes even while participating in mortgage modifications that had been specially designed to avoid foreclosures. The Home Affordable Modification Program, or HAMP, was the particular target of legal proceedings just recently held for the trial mortgage modifications that permitted debts to stack up [link widoczny dla zalogowanych] and paperwork to go missing', that caused the [link widoczny dla zalogowanych] seizure of quite a lot of [link widoczny dla zalogowanych] houses.
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In regard to mortgage modifications, Julia Gordon, senior policy counsel at the Center for Responsible Lending, in her Oct. 27 [link widoczny dla zalogowanych] 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. For this reason individuals need to learn about the foreclosure solutions that are offered in their state.
Approximately one-half of the 1.4 million temporary or trial residential home loan modifications approved since the [link widoczny dla zalogowanych] start, in March 2009, of the program are actually terminated, based upon U.S. Treasury Department information and facts. It is my understanding that at the time of this article, [link widoczny dla zalogowanych] less than 470,000 homeowners have been given fixed home loan modifications. Can you believe that?
An astounding figure is around one in five of the terminated mortgage loan modifications is either in bankruptcy or foreclosure, according to a Treasury survey of the nation's 8th largest home mortgage loan servicers, which process billing, collections and foreclosures. Are you aware of someone in this predicament? It is a dreadful situation to be in, especially when there are foreclosure solutions that actually deliver the results.
Shocking Info [link widoczny dla zalogowanych] On Mortgage Modifications: Surprisingly, even the homeowners which do get accepted for mortgage modifications and never neglect a payment can still end up in foreclosure, the Office of the Special Inspector General for the Troubled [link widoczny dla zalogowanych] Asset Relief Program, stated in an Oct. 26 report presented to Congress. This report stated, They may face back payments, penalties and even late fees that suddenly become due [link widoczny dla zalogowanych] on their modified' mortgages which they are unable to pay, thus resulting in the very loss of their homes that HAMP is meant to prevent..
To conclude, you [link widoczny dla zalogowanych] better think again before asking your lender for a loan modification. It is quite possible [link widoczny dla zalogowanych] that you too could wind up in this very same homeowner nightmare! There are other and better [link widoczny dla zalogowanych] legitimate foreclosure solutions available in the market, check them out before it's too late.