Even despite the recent mortgage relief settlement, mortgage foreclosures across the country remain at record highs, and despite being told by the government that they must make amends for all of their wrongdoing, these predatory lends are still at the same time trying to keep doing what they have been doing and deny homeowners in need access to mortgage modifications.
It was this very same behavior that led the Obama administration to introduce the HAMP program that was designed as a way for people in need and struggling to continue to make mortgage payments to get the help they needed in the form of mortgage modifications. HAMP was designed to make getting mortgage modifications much easier and more accessible to homeowners. The reasoning was if more homeowners were able to get a mortgage loan modification, they would be less likely to struggle and fall behind on their loan payments. And with lower payments thanks to mortgage modifications made possible by HAMP, interest rates would also decrease, penalties would be wrapped into the new loan terms or forgiven all together, and then we would see mortgage foreclosures across the country begin to decline.
While all of the major lenders such as Bank of America, JP Morgan Chase, Wells Fargo, etc. all said they would go along with the HAMP program. Their actions appeared to indicate otherwise. This is evident from the number of mortgage modifications that have been approved as being permanent mortgage modifications only being around 20%.
Many homeowners thought that their temporary mortgage loan modification would simply be a test drive to see how well they were able to keep up with their new loan terms and payments, and once they managed to prove themselves the mortgage modification would become permanent automatically at the end of the trial period. However, these predatory lenders had no such intentions of doing so. They only wanted to lure them into a false sense of hope and security while they proceeded with mortgage foreclosures. Once they found a flimsy reason to deny a permanent mortgage loan mod, the loan would then revert back to its original, predatory state only this time with additional fees and interest added on since the bank would require the homeowner to then pay what they didn’t have to pay during their trial period.
If you are tired of trying to negotiate with your bank for mortgage modifications that will never come, you should contact Tila Solutions and seek help with one of their forensic loan audits or Bloomberg based securitization audits.
Tila Solutions specializes in detailed Bloomberg based securitization audits for homeowners in need. A Tila Solutions Consultant is available for people by telephone at (702) 508-0335. Or you can visit the Tila Solutions website at mortgage modification. They will help. They are not funded by the governments or the lenders. They are on the homeowners’ side.