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Maybe the terms for your mortgage loan seemed fine at the time you took it out but circumstances change. You may have been hit with unexpected expenses or suffered the loss of your once lucrative job. Hopefully you haven’t undergone a medical emergency but whatever the cause may be, you now find yourself in the predicament of not being able to afford the payments on your loan.

HAMP is the acronym for the Home Affordable Modification Program which was developed to help homeowners find ways to revise their loan stipulations so that they can meet their obligations and stay in their homes. The lender can modify the loan in a number of ways. He can agree to adjust the interest rate for instance, extend the loan or reduce the principal. Any one of these actions would relieve some of the pressure that the borrower is under and make it easier for him to get back on track with his payment schedule.

The first step toward achieving a loan modification is to reach out to your lender and make him aware of your situation. You will have to submit paperwork documenting your need and go through what may turn out to be a long and drawn out application process. Having an attorney explain the procedure and the ramifications of the agreement will make the process easier. He will know exactly what kind of records and receipts that the lender is looking for and may be able to help you state your position in a way that will put you in a more positive light.

Your lawyer will be on the lookout for what is called “dual tracking.” It happens when a lender has consented to review a loan for modification but is taking steps toward a foreclosure on the property at the same time. This action is in breach of the program rules and you will be protecting your rights by having the expertise of an experienced attorney at hand.

If you’re facing the possibility of foreclosure contact Parker Lawyers to get the help that you need to prevent it. Call the offices @ 303-841-9525.

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  • Parker Office
    19751 Mainstreet
    Suite 365
    Parker, Colorado 80138
    Phone: 303-841-9525