The newest scam mortgage lenders are perpetuating on unsuspecting buyers is costing buyers their homes. Home Affordable Modification Program, otherwise known as HAMP, is a US Treasury program designed to help at-risk homeowners.
Unfortunately, lenders have found a way to screw homeowners - while lining their pockets with government funds.
Each homeowner that signs up for the HAMP program generates $1000.00 for the lender. The homeowner is required to make 3 [three] trial payments to satisfy the program requirements before the loan modification is approved. During this time, Lender "loses" the homeowner's paperwork which makes it impossible for the homeowner to complete the modification within the allotted time period. Therefore, an extension is granted, which is considered a new modification -- which means another $1000.00 for the lender!!!
SCAM, SCAM, SCAM.
The lenders are not discriminating based upon gender, race, disability, et-al. They will screw anyone over.
Hence the class action suit[s] about to be filed. Therefore, if you have been a victim of "lost paperwork" and shifty loan modifications [HAMP] contact a local lawyer and/or HUD office to find out where to have your name included on the class action list.
You're not alone!