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 effect.
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 Atlas Consumer Law, 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 (312) 313-1613 to speak with an experienced Chicago foreclosure lawyer.
What's Wrong With the HAMP Program?
Originally, the HAMP program was designed and enacted to allow borrowers the opportunity to restructure their loans in a manageable procedure. Unfortunately, the problem with the program is that it provides little incentive for lenders to participate. Furthermore, it does not have teeth in forcing lenders to deal with honesty and fairness with homeowners.
Although the plan sets guidelines on how lenders are to handle loan modifications, they are merely guidelines, not laws. In various cases, homeowners sought relief through the HAMP program only to be pushed through a hopeless loan modification process. Even worse, this can be harmful to people who are already stressed with home loans as interest, late fees, and other expenses that accumulate over a waiting period. Furthermore, it does not allow for these people to seek other proven debt relief options such as foreclosure defense and bankruptcy.
The Chicago foreclosure defense lawyers at Atlas Consumer Law can help you. Together, we will help you explore a variety of options so that you can choose the strategy that best fits your needs. Here at our firm, we let you choose. We will stand by you and guide you through the process and take care of any necessary legal details along the way.
Are you facing home foreclosure? Contact us today online or by telephone at (312) 313-1613 to speak with an experienced Chicago foreclosure defense attorney.