The problem with Obama's HAMP

According to data provided by the largest lenders and servicers participating in the Obama Administration's Home Affordable Modification Program (HAMP) less than 10% of homeowners who are eligible for a loan modification are actually approved for one. Over 90% of eligible homeowners are turned down!

If you are having difficulty making your mortgage payment you should ask yourself the following questions:
  • Did you purchase or refinance within the past six years?
  • Do you have an adjustable rate mortgage?
  • Do you owe more than your home’s current value?
  • Has your loan been securitized and sold to unknown investors?
  • Has your loan already been paid off by an insurer?
  • Were you mislead about the true terms of your loan?
  • Was your income inflated by the lender without your knowledge?
  • Is your debt to income ratio over 50%?
  • Was the mortgage broker or lender operating without a license in your state?
  • Did the lender fail to give you all the required disclosures?
  • Was the appraisal inflated?
  • Did you give up a fixed rate loan in exchange for a toxic sub-prime mortgage or Pay Option ARM?
  • Has the same lender refinanced you several times?


If the answer to any of the above questions is yes then you may be able to challenge the legality of your mortgage and force your lender to modify the terms of your loan.

We will examine your mortgage file looking for compliance violations that once discovered and properly documented will give you the leverage you need to successfully negotiate with your lender.

Documents we need to audit your loan:

1. Good Faith Estimate
2. Hud-1 Settlement Statement
3. Promissory Note
4. Deed Of Trust/ Mortgage
5. Loan Application
6. Itemization of “Amount Financed”
7. Escrow Statements
8. Truth In Lending Disclosure Statement
9. Adjustable Rate Riders
10. HUD Brochures
11. Right to Cancel Notices
12. Variable Rate Disclosures
13. Payment Coupon
14. Business Affiliations Disclosure
15. "PMI" Private Mortgage Insurance Disclosure
16. Pre-Approval Letters
17. Broker's Agreements
18. Disbursal Disclosures
19. Prepaid Finance Charge Itemization Disclosure
20. Advertisements re Loan Rate
21. Equal Credit Opportunity Act Disclosure
22. Fair Housing Act Disclosure
23. Privacy Disclosure
24. Any other documents received at closing