Loan modifications offered through HAMP can be beneficial for some homeowners but if the homeowner is denied for HAMP or the offer is unacceptable, litigation may be an option. This is a more costly alternative but in most cases results in more beneficial and permanent modifications.
Recently we helped homeowners with legitimate hardships due to medical conditions negotiate a settlement with Midland Mortgage that resulted in the following:
- Avoided foreclosure
- 11 months without having to make a payment
- Re-amortize the loan to roll in past due taxes
- Reduction in rate from 8.75% to 5.5 fixed
