Factual Misconceptions of HAMP and HARP Mortgage Modification programs. Why It May Fail.Susan Salehi Bankruptcy Attorney Bankruptcy Ventura Oxnard Camarillo Santa Barbara Woodland Hills Los Angeles CA

More and more I am receiving calls from people who are frustrated at their inability to get a loan modification or loan refinance through the HAMP or HARP programs.  I do not know the actual numbers of how many are successful,but from what I hear from the people who contact me, it must be a very small number.
If you have been turned down for a modification/refinance, but you want to keep your home and can afford the regular payments plus an additional amount to get caught up on the pastdue payments, then you may qualify for a Chapter 13 repayment/reorganization bankruptcy. If your home is worth less than the balance on the first mortgage, then a second mortgage can frequently be “stripped off” in the Chapter 13.
Call the Law Office of Susan J. Salehi for a FREE consultation to see if a Chapter 13 bankruptcy can help you stay in your home.
Part of the problem with the HAMP and HARP programs might be the misperception that everyone who applies will be given either a modification, lower interest rate, and/or reduction in the principal amount owed.
People who apply to these programs need to understand that they are not entitled to any changes in their mortgages just because they apply.  They also need to understand that theseprograms are need-based programs, and that they will need to provide substantial written documentation of that need with their applications.
Just because someone cannot, or does not want to make the current payment does not mean that they will automatically qualify for any of the programs.
People need to be realistic about what these programs can do to help them.
If you are two years behind on your mortgage and have no source of income, you probably cannot be helped by these programs.
If  you are unemployed but have a significant amount of money in the bank to make your payments,  you are probably not going to be able to qualify.
If you stop making the payments, even when you have the ability to make them, you probably won’t qualify for help.
If you do not provide the required documentation in time and send it by certified mail to prove it was sent, you probably won’t qualify for help.
If you are not truthful in your application – such as saying the property is your home when it is actually a rental property, you may not be successful.
If you just want a refinance/modification just because your neighbor bought their home for $100,000 less than yours after a foreclosure sale and you think your payment should be the same as the neighbors, even though you can afford your payment, do not be surprised if your application is denied.
If you provided false information to initially qualify for a mortgage you could never really afford, do not be surprised if you cannot now requalify for that same mortgage,
If you have been turned down for a modification/refinance, but you want to keep the house and can afford the regular payments plus an additional amount to get caught up on the pastdue payments, then you may qualify for a Chapter 13 repayment/reorganization bankruptcy.
Call the Law Office of Susan J. Salehi for a FREE consultation to see if a Chapter 13 bankruptcy can help you stay in your home.
Bankruptcy Attorney Lawyer. https://twitter.com/#!/lawyer93001. www.Bkhelpnow.com. Leading Chapter 13 Bankruptcy Attorney. Chapter 7 Bankruptcy and Chapter 13 Bankruptcy cases filed since 1992. FREE Consultation. Chapter 7’s can help you get rid of Credit Card debt, Medical Bills,Collection Calls and Start at only $999 Attorney Fees. Restrictions Apply. Stop Foreclosures with a Chapter 13. Operators 24/7. (805) 654-1467, (818) 880-8305, (661) 631-0252, (805) 202-4688.
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