Short Sale a Must?

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

Short Sale

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.

Foreclosure Defense Attorneys

Call  the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to discuss your options. 

HAMP Changes

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

HAMP Changes

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 changes 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 the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to speak with a Foreclosure Defense Attorney!

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