72 percent of the people who apply for bank modifications under the Home Affordable Modification Program are rejected. Lenders do not make it easy for the average person to fill out a modification application, which leaves many applicants with either incomplete or error-filled forms that get abruptly rejected. Under the HAMP program, banks are given too much leeway in terms of what they can legally include in these applications, and they seem to be taking advantage of it.
Facts about HAMP
According to a recent study by government official Christy L. Romero, who monitors HAMP, only 887,001 borrowers are taking advantage of the government program. Additionally, nearly four million people have been denied from HAMP, the same amount that the 2009 Obama administration estimated that it would help.
However, the most alarming statistic is that 38 percent of all modification applications are denied by banks because these applications are deemed incomplete. Under HAMP regulations, banks are able to include their own individual procedures, which can further lengthen and complicate the process. This is considered a significant flaw of the HAMP program.
In many cases, these applications are extremely difficult to understand or be completed by those that are not familiar with banking terminology and foreclosure law. It is recommended that a reputable Miami foreclosure attorney, such as Graham Legal, is consulted in all cases regarding modification applications.
The Graham Legal process
Our team takes over the entire application process for every client, which provides an optimal opportunity for loan modification approval in each specific situation. This includes collecting bank records monthly, following up on the application status, resubmitting paperwork, keeping track of all communications, and more. Clients can rest easy knowing that we are taking care of each detail of modification application.
If you have questions pertaining to mortgage modifications, our team would love to meet you and become better acquainted with your situation. Even if you don’t hire us, we can provide sufficient direction during an initial consultation with our Miami foreclosure attorney to get you going.