Much has been written and discussed in the mass media about the Obama administration's Home Affordable Refinance Program (HARP), which was supposed to help troubled homeowners avoid foreclosure by lowering interest rates to make payments affordable. Another program, the Home Affordable Modification Program (HAMP), was intended to actually help mortgage holders lower the balance owed on their mortgages through government-provided additional principal payments.
Reportedly, these programs helped relatively few homeowners avoid foreclosure and keep their homes.
In 2009, another foreclosure avoidance program that originated in a U.S. Bankruptcy Court required lenders to engage in good-faith negotiations with borrowers who wanted to modify their mortgages. The foreclosure-mediation program was supposed to help homeowners cut through the red tape that is so often associated with home loan modifications. A significant number of clients of Genova & Malin, Attorneys at Law, have been able to keep their homes while in the process of filing bankruptcy, thanks to this program.
Although a bankruptcy court cannot force a mortgage lender to modify a loan, it can force the lender to negotiate with a distressed mortgage holder. Facilitating the mediation process goes a long way toward making home loan modifications accessible to people filing bankruptcy. Genova & Malin, Attorneys at Law, represents clients in these proceedings with mortgage lenders.
Ask a Home Loan Modification Attorney How to Modify Home Loans When Filing Bankruptcy
For more information about how to avoid foreclosure and keep your home when filing bankruptcy, contact an experienced lawyer at Genova & Malin, Attorneys at Law, near Poughkeepsie, New York.
