When you face foreclosure, government programs may offer a chance to keep your home. However, traveling down the maze of eligibility requirements created by these programs can be a daunting and frustrating task. Email The Andres Lopez Law Firm to receive help from an attorney as you attempt to avoid foreclosure.
Government Programs for Home Foreclosure
Some of the programs available as part of the government's Making Home Affordable (MHA) initiative in the Fort Lauderdale, Florida, area include:
Home Affordable Modification Program (HAMP): To qualify, the homeowner must be facing a financial hardship, must be living in the property as a primary residence, must be paying greater than 31% of his or her gross income towards your mortgage and the face value of the loan must be less than $700,000.00.
The Home Affordable Refinance Program (HARP): For borrowers in financial distress, this program offers a chance to refinance and attempt to lower their payments even if the property is underwater.
Second Lien Modification Program (2MP): If you have a first and a second mortgage on your property, and you qualify for a HAMP modification on the first mortgage, this program allows you modify the terms of the second mortgage.
These are just a few programs available. Depending on your particular situation, you may have many other options. Contact us to find our more about these and other programs that may be available to you.
Foreclosure Review Process
In addition to the previously mentioned programs, the federal government has forced lenders to conduct a foreclosure review process to determine whether homeowners were harmed by their foreclosure practices. Under this review, the lenders re-evaluate whether the homeowner qualifies for a loan modification, and will determine whether the homeowner is entitled to compensation due to the lender's foreclosure practices. Specifically, lenders reviewed all foreclosures that were filed in 2009 and 2010 and they have identified all the cases that may contain potential problems. Lenders have sent millions of homeowners letters informing them of this review and homeowners have until April of 2012 to request that lenders examine their specific case to determine whether they are eligible for the review process.
Contact the Firm
At The Andres Lopez Law Firm, we offer free initial consultations with a lawyer, and we have evening and weekend appointments available upon request. Contact us today at 800-785-1738 or through our online form to set up a consultation. Se habla español.