Understanding the Home Affordable Modification Program ("HAMP")

The federal Home Affordable Modification Program ("HAMP") is aimed at offering struggling homeowners a loan modification that will provide them a mortgage payment of 31% of their monthly income.  While HAMP is intended to help homeowners, the reality is that the program has extensive requirements and complicated guidelines.  I encourage anyone applying to create a paper trail when applying for a loan modification and consult a foreclosure defense attorney if you are not having success with your application.      

I recently came across an excellent power point presentation on HAMP.  It is intended for loan servicers and provides an excellent overview of the loan modification process under HAMP.  It is a little outdated (March 2013), but it does provide a great overview of the process, with examples.

If you need to apply for a loan modification and are having trouble with the paperwork, contact me for a consultation. While you can apply for a modification without an attorney, many find the process easier with the help of a professional. 

My Interview with MassRealty about Defending Your Home Foreclosure

I was recently interviewed by MassRealty about defending against a home foreclosure.  Check out my interview here!

Breaking News: Banks Challenge Local Foreclosure Ordinances

Earlier this month, several banks filed a federal court lawsuit challenging several Massachusetts city ordinances related to foreclosure prevention.  These ordinances, among other things, require lenders to engage in mediation prior to foreclosure and rent to homeowners who have been foreclosed.

Foreclosure law in Massachusetts, like the rest of the country, primarily comes from state law.  It is unusual for a town or city to pass an ordinance relating to foreclosure, making these laws ripe for legal challenge.  This is an important case about whether local government can get involved in foreclosure defense, and will undoubtedly decide the fate of other local efforts to prevent foreclosure.  Stay tuned!