Hundreds of thousands of troubled homeowners are at risk of being kicked out of President Obama’s foreclosure prevention program, CNN reported.
Struggling South Florida homeowners are faced with many options in dealing with an underwater mortgage, resetting option ARM mortgages or unaffordable mortgage payments, including government and private modification programs, short sales, foreclosure and bankruptcy. An experienced Miami foreclosure lawyer can assist in determining the option that is right for you.
Companies servicing loans through the Home Affordable Modification Program (HAMP) have until Jan. 31 to review trial modification that have been underway for several months. Meanwhile, the Treasury Department said it will issue new guidelines next week but would not give details.
Reviewers must determine whether borrowers have made all the payments during the trial period and completed the necessary paperwork. During trial modification, a homeowner’s monthly payments are no more than 31 percent of pre-tax income. Some homeowners have waited seven or eight months to see if they qualify for permanent adjustment to their mortgages.
About 450,000 struggling homeowners are currently enrolled in the program.
If you have are facing foreclosure in the Miami area, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.