Florida Foreclosure Attorney Warns of Consequences of HAMP’s Expiration

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The federal Home Affordability Modification Program will expire at the end of 2016. With the conclusion of the program just months away, Florida foreclosure attorney Dillon Graham advises of the effects its termination will have on foreclosures.

Florida foreclosure attorney

Florida foreclosure attorney Dillon Graham expresses concern for homeowners over the expiration of HAMP at the end of the year.

Without HAMP, homeowners seeking loan modification will be left at the mercy of lenders.

The end of the federal government’s Home Affordability Modification Program (HAMP) is quickly approaching and according to Florida foreclosure attorney Dillon Graham, it’s time for homeowners to start preparing themselves for the negative impact its expiration will have.

“My stance regarding the end of HAMP is one of concern,” Graham, managing partner at Graham Legal, P.A., said. “The end of the HAMP law will hinder homeowners efforts to save their home from foreclosure.”

HAMP is set to expire at the end of the year, seven years after its launch in 2009. The program was created as a means of providing homeowners with the opportunity to modify the original terms of their mortgage, allowing for more manageable repayment terms. Its introduction came on the heels of the Great Recession, and the housing market has since strengthened considerably. However, Graham said foreclosure is still a very real threat to many Americans.

“In Florida alone there were over 116,000 homes in some stage of foreclosure last month,” Graham said. “That number is sure to rise without HAMP in place.”

Under HAMP, anyone with a mortgage backed by Fannie Mae or Freddie Mac who is in danger of default or has undergone a documented hardship is eligible for a trial modification. Upon successful completion of a three month trial, permanent loan modification is available for these homeowners. When the HAMP law ends on December 31, Graham said modifications will be much more difficult to secure, leaving homeowners at the mercy of lenders.

“Graham Legal has great success in keeping clients in their homes by obtaining approval of loan modifications submitted to lenders under HAMP regulations,” the Florida foreclosure attorney said. “Without those regulations, the power is in the hands of lenders.”

But Graham maintains that there is a silver lining. The Consumer Financial Protection Bureau has issued guidelines for mortgage servicers dealing with at-risk homeowners after HAMP’s conclusion. The guidelines promote accessibility, affordability, sustainability and transparency. Ideally, Graham said these guidelines should encourage lenders to explore loss mitigation options rather than skipping ahead to foreclosure proceedings.

“Graham Legal will continue to press lenders to accept loan modifications even after the HAMP law ends,” Graham said. “We remain dedicated to defending the rights of homeowners, with or without HAMP.”

About Graham Legal, P.A.
Graham Legal, P.A. is a consumer oriented law firm that represents individuals against banks, insurance companies, and other wrongdoers. Areas of focus include foreclosure defense and personal injury law. It was founded on the belief that everyone deserves quality legal representation regardless of income, background, or situation. Graham Legal, P.A. seeks to put the power into the hands of people by providing wronged individuals with a fair, affordable chance at justice. For more information, visit: http://grahamlegalpa.com.

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