July 22, 2011 (Press-News.org) The Home Affordable Modification Program (HAMP) was touted as a solution for millions of Americans struggling to pay their mortgages. Homeowners could seek modification of loans to reflect the current value of their properties. Unfortunately, only a fraction of mortgages have been modified through this program, when it was initially estimated that 3-4 million mortgages would be modified by the end of 2012.
Even worse, scores of homeowners still face foreclosure, even after going through the lengthy process of petitioning for a loan modification and participating in a trial modification period (which called for temporary lower mortgage payments). The bank would later determine they were not eligible for a permanent modification and reinstate the original mortgage payment. When the homeowner could not pay it, the bank would foreclose on the property.
Homeowners in this situation may contemplate a lawsuit to protect their rights.
Unfortunately this practice has largely been unsuccessful. First, many have claimed that lenders are breaching contracts with homeowners by not granting permanent modifications after successful trial periods. Class action lawsuits advancing this claim have not yet yielded positive results. Lenders maintain that such agreements do not guarantee that a permanent modification will be granted.
This certainly does not mean that an individual lawsuit, or at least the threat of one, won't help you. Specific allegations of bad-faith by the lender can be persuasive, but you must be diligent in communicating with your mortgage servicer to ensure that it follows all modification protocols. Be certain to document when you have sent materials, when you have spoken to representatives, and what they have promised to do.
If you have a second mortgage on your home, you may also consider consolidating the two loans into one. Depending on the value of your home (and how much it may be underwater) it may suit the lender's best interests to combine the mortgages. It represents a better investment for them, and could save you money.
If you are in dire financial straits, bankruptcy may be an option as well. In Chapter 13 bankruptcy, homeowners may ask the court to discharge all unsecured debt, including home equity loans and second mortgages that fall into this category because the value of the home no longer secures the debt. This process is called "lien stripping" and it may help in negotiating with your lender. Moreover, bankruptcy stops all collection actions against you, including foreclosure proceedings.
For more information on how to deal with lenders, contact an experienced attorney.
Article provided by Illini Legal Services
Visit us at www.wardbankruptcy.com
Should You Sue Your Lender?
The HAMP program would supposed to save millions of homeowners from foreclosure. Since some lenders have denied permanent modifications (even after accepting trial modification payments) some homeowners want to sue. Learn more about your rights and options in this article.
2011-07-22
ELSE PRESS RELEASES FROM THIS DATE:
New Government Program Targets Medical Mistakes
2011-07-22
According to estimates from the Institute of Medicine, every year preventable medical errors are responsible for as many as 98,000 deaths in the United States. In addition, billions of dollars are squandered due to increased health care costs.
According to estimates from the Institute of Medicine, every year preventable medical errors are responsible for as many as 98,000 deaths in the United States. In addition, billions of dollars are squandered due to increased health care costs.
A program recently launched by the U.S. Department of Health and Human Services (HHS) ...
Dallas Same Sex Custody Dispute: Battle for Recognition of Parental Rights by LGBT Parents
2011-07-22
Dallas Same Sex Custody Dispute: Battle For Recognition of Parental Rights by LGBT Parents
Child custody battles are always difficult, and can be ugly. But a recent Dallas child custody dispute shows the lengths that gay parents must go to fight for the right to parent their non-biological children if they split up from the child's biological parent. In the case fought out in Dallas family law courtrooms, a Texas mother petitioned for custody of a child she had raised since birth with her lesbian partner (the child's biological mother).
The former partner denied the ...
Will Car Accident Victims in New York Be Billed a "Crash Tax"?
2011-07-22
"Crash taxes," or accident response fees, are sweeping the nation. Cities in 27 states have adopted them in one form or another, including Dallas, Texas; Buffalo, New York; Toledo, Ohio; and New Haven, Connecticut.
But not every state has been eager to bill those involved in motor vehicle accidents for the services of responding firefighters and police officers. According to Property Casualty Insurers Association of America, 13 states, including neighboring Pennsylvania, have outlawed accident fees, preventing their municipalities from billing those injured ...
What You Need to Know About Sepsis
2011-07-22
Many people believe that sepsis is a blood infection or blood poisoning. However, sepsis occurs as a result of your body's response to an infection. The infection usually is a bacterial infection, but it also may be a viral, fungal or parasitic infection.
In fighting the infection, the immune system goes into overdrive and produces a response that can result in damage to the body. If sepsis syndrome is not diagnosed and treated quickly, the organs of the body can be permanently damaged by lack of blood perfusion to them. Widespread organ failure and death may follow. ...
Florida Child Custody Determinations
2011-07-22
Separating or divorcing parents in Florida need to be aware of the state's laws about child custody and support determinations. Florida statutes Title VI, Chapter 61, Section 61.13 (and following) detail the standards used to make custody decisions that are in the best interests of the children affected, making sure that even the most heated custody disputes focus on the needs of the children first and foremost.
Factors Used to Make Custody Determinations
Florida's "best interests of the child" standard is in accordance with the Uniform Child Custody Jurisdiction ...
Confusion Between Mother and Baby Heart Rates Can Result in Brain Damage
2011-07-22
Expecting parents place enormous amounts of trust in the doctors, nurses and other medical professionals responsible for successfully delivering their babies. Most of the time, health-care providers perform their jobs carefully and handle and timely recognize potential health risks that arise during labor and delivery.
However, occasionally doctors and nurses mishandle or negligently overlook problems that can result in lasting injuries to the baby or mother. Of these medical errors, one of the most distressing is confusion between the mother's and baby's heart rates ...
Problems With Metal-on-Metal Hip Replacements Attract Federal Scrutiny
2011-07-22
Every year, about a quarter of a million Americans undergo hip replacement procedures. For a third of them, metal-on-metal ("MoM") implants are used to replace worn-out or damaged hip joints. MoM hip replacements were once believed to be more durable than other available counterparts. But growing concerns over the safety of these hip replacement devices have many medical experts cautioning that MoM replacements should be used far more sparingly, if at all.
What Is a Metal-on-Metal Hip Implant?
In a procedure for hip replacement, the ball at the top of the ...
Who Can Assist Property Owners With Insurance Claims?
2011-07-22
After experiencing a tornado, hurricane or other disaster, people's world can be turned upside down. Many families and business owners are not sure where to begin as they attempt to both meet immediate needs and plan for how they will recover in the long-term.
A major part of a homeowner's long-term recovery includes repairing the home or finding a new house elsewhere. Businesses may need to recoup lost income. To accomplish either of these goals, property owners need to obtain appropriate compensation from their insurance companies for the damage they sustained.
Many ...
Time to Ride: Summer Motorcycle Safety Tips
2011-07-22
Every year, the onset of warmer weather inspires millions of Americans to get their motorcycles out of the garage and onto the streets; few pastimes capture the carefree nature of the season quite as well as motorcycling. But, as you prepare to ride, you should keep in mind a few tips that will better ensure that your biking season is both safe and enjoyable.
Dusting off the Cobwebs
For many riders, motorcycling is not a year-round pursuit. As such, your abilities might need some fine tuning after months of dormancy. Consider taking a refresher motorcycle skills course, ...
In Child Custody Cases, What Constitutes "Best Interest of the Child"?
2011-07-22
While all court cases are emotionally taxing, cases involving children are especially so. Judges and lawyers must consider nuances in each individual case about what actions are in the best interests of the child or children involved and balance that with what is best for the family. Determining the "best interests of the child" can be a daunting task. At the end of the day, the child's safety and well-being are essential to a court's decision.
Some states, including North Carolina, have adopted several principles to guide court decisions. These principles ...
LAST 30 PRESS RELEASES:
Neanderthals at two nearby caves butchered the same prey in different ways, suggesting local food traditions
Specialty of the house: Neanderthals at two nearby caves butchered the same prey in different ways, suggesting local food traditions
‘Ultimate dinner party guests’: Dispersed communities attending feast in ancient Iran gifted boars sourced from distant lands
Temozolomide and radiation treatment lead to dramatic tumor shrinkage and improvement of hearing in an adult brainstem glioma patient with a rare IDH2 mutation
Unveiling the mystery of electron dynamics in the 'quantum tunneling barrier' for the first time
Do dogs judge you?
Human-AI ‘collaboration’ makes it simpler to solve quantum physics problems
Be Well Texas at UT Health San Antonio to lead major statewide expansion of opioid use disorder and recovery services
Freshwater fish, too, attracted to artificial root structures
In hard-to-treat form of tuberculosis, shorter, gentler therapy shows unequal benefit
Warming oceans a turn-off for female Critically Endangered sharks
University of Surrey launches Space Institute to drive the UK's small satellite boom and tackle urgent global challenges
Look to the data, not the marketing: Turfgrass research shows no differences in ‘penetrant’ and ‘retainer’ wetting agents
New organ recovery technique could make more heart transplants available
NCSA supporting Georgia Tech in new AI venture
Revised, more accurate Baltic ringed seal count – Hunting slows population growth
Eight babies born after Mitochondrial Donation treatment to reduce transmission of mitochondrial DNA disease
Music may reduce distress for dementia patients
The American Ornithological Society announces its 2025 research grantees
Fetal exposure to vape liquids linked to changes in skull shape
Did a meteor impact trigger a landslide in the Grand Canyon?
Study suggests some maternal HIV infections may be missed during pregnancy
Bacterial genomes hold clues for creating personalized probiotics
Rice University scientists discover way to engineer stronger soft devices through smarter silicone bonding
Innovation Crossroads welcomes six entrepreneurs for Cohort 2025
Researchers explore ways to better safeguard romaine supply
Spider’s visual trickery can fool AI
During pregnancy, are newer antiseizure medications safer than older drugs?
Do race and ethnicity play a role in a person’s risk of peripheral neuropathy?
Older adults who increased their regular walking pace by just 14 steps per minute were more likely to experience clinically significant improvements in a test of aerobic capacity and walking endurance
[Press-News.org] Should You Sue Your Lender?The HAMP program would supposed to save millions of homeowners from foreclosure. Since some lenders have denied permanent modifications (even after accepting trial modification payments) some homeowners want to sue. Learn more about your rights and options in this article.