Short Sale a Must?

On January 10, 2013, in Bankruptcy, Foreclosure, by Robbie L. Vaughn, Esq.

I already modified my mortgage, but because of new circumstances I am late again. Must I Short Sale my home now?

Not necessarily.

You may be able to get another loan modification based on your “new circumstances.” The HAMP guidelines were recently changed to address this situation. Homeowners who have defaulted on a trial or permanent HAMP loan modification are now eligible for a new HAMP loan modification. Additionally, the bank can always offer you an in-house loan modification if they want to. You may have several other options you can explore before doing a short sale. One of your options may be a chapter 13 bankruptcy. We have developed several strategies to assist distressed homeowners. A Short Sale is never the first option! It may be a good idea to consult with an attorney before making a final decision.

Call  (516) 858-2620 to discuss your options. The Law Firm of Vaughn & Weber is here to assist you!

HAMP Changes

On February 4, 2012, in Foreclosure, by Robbie L. Vaughn, Esq.

The Obama Administration, The U.S. Department of  The Treasury, and the U.S. Department of Housing & Urban Development  recently announced important enhancements to the Home Affordable Modification Program (HAMP). The program is being expanded and made available to:

• Homeowners who do not meet the 31 percent debt-to-income (DTI) requirement for a traditional HAMP modification;
• Homeowners who currently have tenants and those who do not currently occupy their home, but intend to rent the property;
• Homeowners who didn’t successfully complete a HAMP trial period or;
• Homeowners who fell out of a permanent HAMP modification due to missed payments.

This is great News! This should help many struggling homeowners. However, it appears, the expanded HAMP will not be available until May 2012. Therefore, homeowners facing imminent foreclosure should seek legal counsel immediately if they are interested in a loan modification under the expanded Home Affordable Modification Program (HAMP). You may be able to take steps to stop the foreclosure long enough for you to apply for a loan modification and save your home!

If you are currently in foreclosure or in danger of falling into foreclosure, and you have any questions, please call (516) 858-2620 to speak with a Foreclosure Defense Attorney!

This, and additional information can be found at www.makinghomeaffordable.gov.

Foreclosure Defense and Loan Modification Increase

On December 5, 2011, in Foreclosure, by John A. Weber IV, ESQ.

Recently we have experienced an increase in the number of our clients receiving loan modifications.  These modifications are both HAMP and In-House, temporary and permanent.  The cause is unknown but for our clients, it doesn’t matter why.  They are just grateful that it is happening.  As the foreclosure world is still in shock with the announcement of the impending closing of Steven J. Baum, P.C., the increase in loan modifications is a good sign for distressed homeowners.  There was never as good a time to defend against foreclosure litigation.  Hopefully the new year will bring more of the same.  These modifications are not good for everybody however.  Each modification should be reviewed with an attorney to decide if the terms of the modification are right for your situation.  If you are currently in foreclosure or in danger of falling into foreclosure, and you have any questions, please call (516) 858-2620 to speak with a Foreclosure Attorney!

Survey Finds Racial Disparities Under Anti-Foreclosure Program

On April 17, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

Survey Finds Racial Disparities Under Anti-Foreclosure Program

A recent Washington Independent article states that Black homeowners are roughly 50 percent less likely than whites to receive a mortgage modification under the largest of the administration’s anti-foreclosure programs. The article states that “…just 24 percent of black respondents eligible for mortgage modifications under the HAMP have received one, according to a survey conducted over the last two months by the National Community Reinvestment Coalition, an advocacy group. By contrast, roughly 36 percent of HAMP-eligible whites benefited from a modification under the program.”

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