Do you need a loan modification in order to lower your mortgage payments so that you can save your house from foreclosure, but think you can’t get one now because the federal HAMP loan modification program ended over a year ago? Well, you’re in luck! You may still be able to get a loan mod to save your house, and you may even be able to get one with the same terms as HAMP.
All of the large lenders — Wells Fargo, Bank of America, Citi, and Chase — have said that they will continue the same loan modification programs that they had before the HAMP program expired. So even if they don’t call it a HAMP loan modification, those lenders will continue to provide that type of loan mod. (Unfortunately, loans from smaller lenders will be on a case-by-case basis regarding whether they will provide HAMP-type loan mods.)
Second, lenders have several loan modification options, and HAMP is only one of them. So even if your lender no longer offers HAMP loan mods, you still might be able to get a different, and sometimes better, loan modification in order to lower your mortgage payments.
Some bankruptcy courts, including the ones that cover the San Francisco Bay Area where I practice, have a loan modification program for people in chapter 13 bankruptcy. This program has a much higher success rate than people who try to get loan modifications on their own.
If you cannot afford your mortgage payments, contact a chapter 13 bankruptcy attorney today to see if you’re a good candidate for a loan modification.