There is a lot of incorrect information on the internet about alternatives to foreclosure. Private companies and their banks and loan servicers often push these “foreclosure alternatives” to homeowners facing financial hardships.
Many of these options such as deeds-in-lieu of foreclosure, loan modifications and short sales have been offered as part of the Making Homes Affordable Program (HAMP and HAFA). These programs have failed to help a significant number of people, often leaving them in even worse financial shape.
The Home Affordable Modification Program (HAMP) that was supposed to help millions of homeowners avoid foreclosure has been a dismal failure. In the past few years, only about 500,000 thousand homeowners have received any kind of modification under the program, the majority of which ended up in an underwater mortgage, owing more than their property was worth.
Homeowners need to be wary of these types of loan modifications. We often consult Florida homeowners who would have been much better off if they completely avoided HAMP or HAFA.
At Matthew F. Lupardo P.A., we use our expertise to negotiate a favorable settlement that enables our clients to walk away from underwater mortgages without further liability on the loan. We advise you on what your best option is, and whether you want to keep your home, surrender your home but buy more time before you leave or escape from a deficiency judgment claim, we may be able to negotiate a solution that works for you.
We are committed to aggressively representing and defending the interests of property owners in South Florida. Call us today for free consultation and learn your rights.