Vital Things to Know About Mortgage Modification

A house is a great investment, but the economic downturn of the last decade saw many homeowners drowning in mortgage debt. That’s why in 2009, the government created the Home Affordable Modification Program (HAMP), which aims to make home payments more affordable for people who are struggling financially. 

How does this program work? Who can qualify for it? Below are the vital details you need to know:

Understanding the Foreclosure Process

If you have worries about meeting your mortgage payments or have been served foreclosure papers, knowing how the foreclosure process works should be top priority. The foreclosure process is usually initiated by mortgage companies within 3 to 6 months after you first miss a mortgage payment. The whole process may move more quickly if you are already in default, so make sure that you obtain appropriate legal advice. 

Once a foreclosure lawsuit has been filed, you have 20 days to respond to the Summons and Complaint. The lender may move for a default if you don’t provide a response within the allocated period. A hearing will be held for summary final judgment based on the lender’s motion.

Handling and Challenging Judicial Foreclosures

The housing bubble that burst not too long ago reminded everyone that foreclosures are for real, and they can happen in the blink of an eye. During the economic slump, many families and households were left homeless due to their inability to pay their suddenly oh-so-steep mortgage payments. A foreclosure is not something that anyone ever wants to have to go through, but if the threat of it happening already looms over you, it’s best to equip yourself with the knowledge on how to go about things the right way.  

Fighting Foreclosure: Why You Need Lawyers

The ease of owning a home is tied directly to the state of the economy, which in stable times is a good thing. However, should the market crash, mortgage payments can shoot up to astronomical levels. It’s not unusual to hear of numerous homeowners losing their properties to foreclosure due to an unfortunate and untimely economic hiccup.