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Texas Real Estate Lawyer
President Obama Affordability Home Modification Program (COPE) has been proposed with the goal of keeping homeowners in their homes. Unfortunately idea was wonderful and the basics of basic COPE appear to be generated in good faith in the spirit, but lacks a key element in its purpose successfully. In other words, COPE is defective and the disturbing reality of the program is becoming very clear.
The COPE is designed for consumers to work directly with your mortgage company to get a modification of their current mortgage payment. The program was intended to make the change so that consumers could really make a payment they could afford. The payment amount is based on the general economic principle that a mortgage payment would be about one third of the income of the owner. The problem this philosophy is the principle by the mortgage company is too big to cut at least one third of the owner's income or income of the owner and other expenditures can not meet even the third payment.
However, there are more problems on the surface of the HAMP. Once a homeowner for the first time accepted the trial period, the owner is given the false hope is a final agreement. The trial "period is exactly that:" a trial. "This is not an agreement final. An owner may make all necessary payments are being asked in this trial period and have not yet received a definitive agreement to mortgage company. The problem Reality is that a mortgage company is only required to "consider" the owner of the program. (See Change Home Affordability Act 2009). A mortgage company is not obligated to do anything for the owner under the HAMP.
The disturbing reality of this program is that the owner could do three months of payments and still no final agreement and still be facing foreclosure. Unfortunately, the most common pattern we see with this program is that the owners are completing three months of evidence and then refused to pay without just cause or for any superficial reason. If this happens, you should immediately consult a bankruptcy attorney to protect your house from foreclosure.
So what was once considered a nation of hope is actually a front for concern.
If you have experienced the troubling reality of the HAMP, we want to hear from you. Please contact Jill Phillips, Esq at Consumer Debt Radio.
Texas Real Estate Law Attrorney and Real Estate Litigation Lawyer – Lorenzana Law Firm, PC
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