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Posts tagged "HAMP"

More homeowners expected to receive mortgage modifications

If all goes as planned, in the future, more struggling homeowners in Florida, and around the country, who are in fear of losing their home to foreclosure, may be able to find some needed relief through the federal Home Affordable Modification Program.

Jumbo Florida mortgages may still qualify for loan modifications

Some Florida homeowners incorrectly believe that just because they have an expensive mortgage that they will not be able to qualify for a loan modification. However, while the Home Affordable Modification Program is typically for conforming mortgages, the majority of homeowners who actually do receive modifications do so outside of HAMP. In these situations, homeowners work directly with lenders.

Rise in homeowners receiving mortgage modifications

In an effort to try and help homeowners avoid foreclosure, the government created the Home Affordable Modification Program. And while the actually number of people helped has not hit anywhere near the targeted goal of 3 to 4 million, the number of homeowners who qualified for a permanent mortgage modification did increase by nearly 16,000 between July and August.

Florida couple almost lost modification for paying early

A Florida couple recently learned that their home was going to be foreclosed on because they had made their reduced mortgage payment early by one week back in December. And while Bank of America has since reversed this decision, the entire case goes to show that without any help the mortgage modification process can be somewhat confusing.

Modification process and foreclosure can happen at the same time

A loan modification can greatly help a homeowner who is on the verge of foreclosure. With the modification, monthly mortgage amounts are decreased, and for some it's enough for them to be able to afford living in their home.

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