The Home Affordable Modification Program (HAMP), also known as the Obama Program, was established to help homeowners who are struggling with mortgage loans. While the program was intended to help people avoid foreclosure and get their debt problems under control, in many cases, it has had the opposite affect.
If you are struggling with mortgage debt and considering the HAMP program, it is important to know the benefits and potential pitfalls it presents. At the Sulaiman Law Group, LTD, our attorneys have extensive experience helping people throughout Chicago and the surrounding areas resolve their debt problems. We can answer your questions about the HAMP program and discuss other foreclosure defense strategies.
Contact us today online or by telephone at 630-413-9054 to speak with an experienced Chicago HAMP program attorney.
What's Wrong With the HAMP Program?
The HAMP program was enacted to give borrowers the opportunity to restructure their loans into a more manageable form. The main problems with the program are that it provides little incentive for lenders to participate, and has no teeth in forcing lenders to deal honestly and fairly with homeowners.
While the plan sets forth guidelines in how lenders handle loan modifications, they are only guidelines and not law. In many cases, homeowners have sought relief through the HAMP program only to be drug through the loan modification process that ultimately goes nowhere. This can be especially detrimental to people already struggling with home loans as interest, late fees and other expenses pile up during the waiting period. Additionally, it prevents them from seeking relief from proven debt relief options such as foreclosure defense and bankruptcy.
Our Illinois lawyers can help you explore all of your options, so you can decide the strategy that is best for you. The decision is yours. We are here to guide you through the process and take care of all the necessary legal details.
Are you facing home foreclosure in Chicago? Contact us today online or by telephone at 630-413-9054 to speak with an experienced Chicago foreclosure defense attorney.