Question: I previously had a loan modification under HAMP. After my spouse lost her job, we could not afford even the modified payment. We are back on our feet now but the bank has refused to work with us again and constantly tells us we are in active foreclosure. Is there any way we can try to save our home? We don’t have the money to reinstate the loan.
Response: In June of 2012, HAMP 2.0 came out, a new federal program designated to help people like yourself who previously had a HAMP loan modification but then defaulted or people who defaulted during the 3-months trial period. If you have not submitted the documents after June 1, you should try to resubmit your paperwork now. The bank actually uses 25% of your gross monthly income (as opposed to 31% under HAMP) to determine if you are eligible for a loan modification.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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