Home Loan Modifications · HAMP Program Attorneys · Foreclosure Defense
When the Great Recession roiled the housing market throughout the United States Homeowners in Central Florida were particularly hard hit. Mortgage defaults skyrocketed and banks began moving in for foreclosure at a record rate. Many Florida homeowners don't realize that there may be ways for them to lower their monthly mortgage payments, and avoid being faced with losing their homes.
On March 4, 2009, the U.S. Department of the Treasury (Treasury) announced details of the Home Affordable Modification program (HAMP) as part of the Making Home Affordable Program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers' monthly mortgage payments. What many homeowners don't realize is that if your lender participates in the HAMP program, and you meet the qualifications for a loan modification under HAMP, the lender must modify your mortgage.
We understand the specific criteria banks and lenders use to determine whether you qualify for a HAMP modification. When defending you in a foreclosure suit, we will also help you understand whether you qualify for a loan modification under the HAMP program, and what alternatives may be available to you outside of the program. These alternatives may include the Principal Reduction Alternative (PRA) modification, and the Second Lien Modification Program (2MP).
Other Loan Modification Options
In addition to HAMP modifications, there are two additional types of mortgage modifications available to distressed homeowners. First, a homeowner may qualify for the FDIC Loan Modification Program, a loan modification program offered by the Federal Deposit Insurance Corporation. A bank is not obligated to offer this loan modification to a homeowner even if the homeowner meets the eligibility requirements. The second alternative to a HAMP modification is a private modification, in which the bank can make a private decision to modify the loan; and FDIC modifications.
We help all of our clients involved in foreclosure lawsuits understand the different loan modification options available to them. We also work hard to identify for homeowners which loan modification programs they qualify to participate in, and whether their lender is obligated to modify their mortgage. A successful loan modification often times requires applying pressure through foreclosure litigation, and we assist our clients in identifying the best strategies to pursue when they want to modify their mortgage.
Learn more about foreclosure defense at these pages:
Altamonte Springs Mortgage Modification Attorney
Salfi & Sprysenski, P.A., is recognized by banks and mortgage lenders as one of the Orlando area's pre-eminent foreclosure defense law firms. We are respected for our fair and intelligent strategies for helping our clients prevent foreclosure through loan modifications and other legal options. From offices in Altamonte Springs, Salfi & Sprysenski lawyers provide legal counsel and representation for people facing foreclosure in communities throughout Central Florida. From anywhere in Central Florida, call us toll free at 866-583-0170 or contact us by e-mail to arrange a consultation with an experienced Orlando HAMP attorney at our firm today.