Many Homeowners Unhappy With Obama’s Program – Bank’s Lose Files Regularly
MSNBC.com and the Associated Press are reporting about problems with the HAMP loan modification program, something that my firm is actively assisting clients with. According to the report, many homeowners are in trouble and were not helped by the loan mod program. The report even confirms something my law firm has regularly experienced – banks losing the file. We normally figure that we’ll have to send in a loan mod at least 2 or 3 times because of problems with the bank processing papers. I wonder how many of the homeowners mentioned in this report had legal representation or tried to do this pro se (on their own). I think it is a mistake to try to be your own lawyer in the foreclosure and mortgage modification field. It can be a minefield for the layperson. Many of them who try this pro se find that they get a form letter from the bank telling them that they did not send in the necessary documents or that they were not sent in on time – even if that is not true. Clients call us all the time with horror stories like this and ask us to help them. It does not make sense to try to save money on some legal fees when you are a homeowner trying to protect your largest and most important asset – your home. Here is the report.