Modification

LOAN MODIFICATION/LOSS MITIGATION

Loan Modification is an excellent option available to people who are struggling to make their mortgage payments. If you’ve already defaulted on a mortgage or think you will soon, a loan modification can adjust the terms of your loan, saving you from residential foreclosure and making it easier to pay off your mortgage. Loan modifications must be negotiated with your lender so it is very important to work with a law firm who can help you understand the terms of a modification and advise you on how to proceed. Contact the law firm of Poltielov & Habib, LLP for a free consultation today.

HOME AFFORDABLE MODIFICATION PROGRAM

In February 2009, the Obama Administration introduced the Making Home Affordable (MHA) Program to stabilize the housing market and help struggling homeowners obtain relief and avoid foreclosure. In March 2009, the U.S. Department of the Treasury (Treasury) issued uniform guidance for loan modifications by participants in MHA across the mortgage industry and subsequently updated and expanded that guidance.

The Home Affordable Modification Program (HAMP) is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use. The Home Affordable Modification Program includes incentives for borrowers, servicers and investors.