Home Loan Modifications, Bankruptcy, and Hamp

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The third quarter of 2009 saw a report whole of foreclosures across Arizona agreeing to RealtyTrac, an online marketplace for foreclosure properties. For the fifth quarter in a row, Arizona ranked second behind only Nevada with one out of every 55 homes threatened by foreclosure. In the Phoenix area alone, 2009 foreclosures jumped 158% over the 2008 figures.

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While the first round of foreclosures in 2008 could be blamed on the meltdown in the subprime mortgage industry, subsequent rounds of foreclosures spoke to a deeper malaise in the national economy. With national unemployment statistics hovering officially at just under 10%, many previously credit-worthy individuals just couldn't afford anymore to keep up with their mortgages. And with a large scale de-escalation in the true value of real estate, many individuals found themselves saddled with mortgages that cost them way more than any equity they had in their properties and plainly chose to walk away from these "underwater" homes.

In March 2009, the federal government introduced a new program called production Home Affordable (Hamp) which allows distinguished borrowers' existing loans to be modified so that borrowers are paying no more than 31% of their gross revenue towards their mortgages if their loan servicers are participating in the program. Other remedies also ready to distinguished homeowners contain interest rate reduction, reimbursement period extension and deferrals, and even needful forgiveness in some cases.

But qualifying for the Hamp program is a involved process. First the program is only ready to homeowners with loans taken out before January 1, 2009 in the whole of 9,750 or less. Second, your loan servicer will communicate your financial history in small detail and you may be required to attend financial counseling.

And what if other financial exigencies have forced you to think filing for either episode 13 or episode 7 bankruptcy? Can you still be eligible for a loan modification under the Hamp program?

Yes, you can be carefully for a Hamp modification even with a episode 13 or episode 7 bankruptcy on your prestige report, but you will need to consult with an experienced bankruptcy lawyer who can help you obtain the reports and other data your loan servicer will have when they are determining either you are distinguished for Hamp. either you are a Phoenix homeowner looking for a bankruptcy lawyer in phoenix or an Arizona homeowner looking for an Arizona bankruptcy lawyer, a distinguished bankruptcy lawyer can support homeowners facing foreclosure by allowing them to view themselves straight through their loan servicers' eyes. If you are the one of those homeowners being threatened by foreclosure, you are well advised to call an Arizona bankruptcy lawyer or a bankruptcy lawyer in Phoenix as soon as possible.

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