MSNBC has published another report on the risky world of home-loan modifications, detailing instances where banks failed to live up to their end of the bargain, pushing homeowners further into debt. There are other options for those looking to stop foreclosure in Miami or elsewhere in South Florida.
The danger of home loan modification in Miami is that it won’t help if you are underwater on your mortgage and it can end up costing you your home. A Miami foreclosure defense attorney can assist you with considering all of the options and determining the best course of action for your particular situation.
Meanwhile, statistics show that only about one-third of the 1.4 million homeowners who have enrolled in the government’s payment reduction program have seen their mortgage payments reduced. And lawsuits have been filed, which accuse banks of breach of contract under the government’s Home Affordable Modification Program. The suits contend that banks are reverting mortgage payments back to the original higher amounts, even after homeowners make all of the reduced payments during a trial period, as required for a permanent reduction.
In other cases, banks are being accused of refusing to honor loan-modification agreements to which they have already agreed.
The government reports in some instances banks were encouraged to offer trial modifications based on interviews about a homeowner’s income and expenses. They then were permitted to conduct a more thorough review of the paperwork before making a final decision. In such cases, homeowners may have made trial loan payments, only to be rejected for permanent modification.
We hope it is clear to everyone at this point, that banks are not on your side. By contacting a Miami foreclosure defense lawyer, you will be negotiating from a position of strength. It is not in a homeowner’s best interest to attempt to take on a bank without qualified and experienced legal help.
If you need help with foreclosure issues in Miami or the surrounding areas, including short sales, deficiency judgments, strategic defaults or other help for Miami homeowners, contact Jacobs Keeley for a confidential appointment to discuss your rights. Call (305) 350-5055.