HAMP Tag

loan modification standards 2017

New Loan Modification Standards to Take Effect Later This Year

Banks and mortgage servicers are expected to use new standards when providing loan modifications to homeowners with delinquent mortgages, according to a proposal from the Mortgage Bankers Association, the main industry group for mortgage banking. Under the program, homeowners’ monthly mortgage payments will be reduced by...

foreclosure massachusetts

7 Defenses to Foreclosure in Massachusetts

This is a brief overview of various defenses to foreclosure available to homeowners in Massachusetts. Keep in mind that all mortgages and mortgage servicers are different. Regardless, homeowners are protected by certain rights and consumer protection related to the handling of mortgages and foreclosure in Massachusetts....

loan modifications massachusetts

Foreclosure Stats Show Homeowners Still Seeking Loan Modifications

Despite the economic recovery that is underway, many homeowners are still struggling to pay mortgages, trying to avoid foreclosure and obtain loan modifications, according to recent statistics from the HOPE Now. The figures are startling. Even though the Home Affordable Modification Program (HAMP) ends at the...

HAMP

New HAMP Guidelines Issued for End Date of Loan Modification Program

A new guideline was recently issued related to the federal loan modification program, the Home Affordable Modification Program (HAMP), which clarifies when the program ends. HAMP’s purpose is to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. Under a budget appropriations...

Why Isn’t My Bank Foreclosing?

Homeowners are sometimes behind on their mortgages for extended periods of time. This often is not all the homeowner’s fault, as banks often refuse to accept payments after a certain period of time. What happens in many cases it that no payments are made for...

Culik Law Loan Modification During Bankruptcy

Can I Apply for a Loan Modification During My Bankruptcy Case?

Homeowners often contact us for assistance with catching up on past due mortgage payments and preventing foreclosure. The best options for achieving these goals are sometimes (1) applying for a loan modification or (2) filing a Chapter 13 bankruptcy. A loan modification will automatically bring...

Culik Law files lawsuits against Chase, Wells Fargo, Fannie Mae

Culik Law recently filed new lawsuits against major banks and financial institutes, including Chase, Wells Fargo, and Fannie Mae, related to unfair business practices arising out of homeowners’ attempts to obtain loan modifications under programs such as the Home Affordable Modification Program (HAMP). The lawsuits allege...

HAMP Loan Modifications Extended, Now Available Through 2015

The federal loan-modification program, HAMP, has been extended until the end of 2015. The main government departments that oversee HAMP, the Department of the Treasury and the Department of Housing and Urban Development, recently made the announcement. Originally introduced in 2009, HAMP, which is short for...

Appeals Court Rules in Favor of Massachusetts Homeowner

Reviewing a Massachusetts homeowner’s trial loan modification agreement with her mortgage bank, an appeals court ruled in Young v. Wells Fargo Bank, N.A. (Case no. 12-1405) that the homeowner was entitled to a permanent loan modification. The homeowner’s loan modification was offered under the federal Home...

Bank of America Headed to Trial For Wrongful Foreclosure

In a recent decision on the HAMP loan modification program, a magistrate judge of the US District Court for Massachusetts ruled that homeowners who were foreclosed on while under consideration for a loan modification may proceed with a lawsuit against Bank of America. Bank of America...

My Friend Got a 2% Loan Modification, Why Didn’t I?

My Friend Got a 2% Loan Modification, Why Didn’t I? The simple answer is that every loan modification is different – starting with the mortgage loan you had to begin with. It is likely that the terms of the original mortgage you received are different than...