Parsa Law Group On HAMP And Where It Has Failed Troubled Homeowners

Despite the efforts of President Obama’s administration to reduce home foreclosures through the Home Affordable Modification Program (HAMP), homeowners throughout the nation are still finding it difficult to pay their mortgages and are continuing to face foreclosure.

Throughout the country, Parsa Law Group has seen firsthand the frustration and disbelief in homeowners who have exhausted their options when HAMP has failed to help them as promised. Even critics have complained that HAMP (which began in March) has failed to make a dent in the steady stream of foreclosures that have been running through the U.S.

However, yesterday the Obama administration said they could possibly modify 500,000 loans by November 1st. This was one of the issues discussed yesterday between officials from the Treasury Department and mortgage company executives.

Among that which was discussed, a plan for deterring loan servicers from rejecting modification applications could also be set in motion to help raise the number of home loan modifications that are actually completed from start to finish.

Treasury also recently announced it is working closely with Freddie Mac to expand a “second look” program to ensure that borrowers are not wrongly (or wrongfully) turned away for a home loan modification. It is quite possible that the reason for a second look is that the initial review is flagging far too many cases where a modification should rightly have been offered.

In earlier posts, the Parsa Law Group provided a guideline for navigating through the loan modification process which included questions to ask and signs to look for to ensure that you or someone you know does not get turned away from a home loan modification process for no other reason than the fact that your lender does not want to negotiate with you. Homeowners have rights, and those rights must be enforced, especially with the instability of the HAMP program at the current time.

Through HAMP, there is a calculator whether it is determined if a modification is more valuable to the mortgage holder than going through foreclosure. However, the formula is not publicly available which then limits the homeowner’s ability to determine and decide for themselves whether a home loan modification is right for them or not.

In a subject when everyone involved is prone to disagreements and arguments, economists, experts and policymakers alike have agreed on one point. Solving the home foreclosure crisis is the key to economic recovery, and HAMP lies at the center of those efforts. If we are to make any sort of progress, reforming and strengthening HAMP is imperative and necessary.

The Parsa Law Group knows however, that not every homeowner has the luxury of waiting for HAMP to be reformed and perfected. We know that facing foreclosure and making the decision to go ahead with the home loan modification process is never an easy one, nor is going at the process alone. While the banks have an army of lawyers, professional negotiators and other on their side, they expect and honestly prefer that you attempt the process alone. Don’t trust the banks that got you into this crisis in the first place. You must get help, and you need it now. The Parsa Law Group will give each and every homeowner a free evaluation and let you know whether or not we will be able to help you. Don’t wait, call now.

Parsa Law Group
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• 4,000 Homes Saved
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Led by Attorney James Parsa
• 18 Year Consumer Advocate
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