The federal government has responded to the increase of foreclosure in South Florida and across the nation by developing the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable initiative. HAMP is a loan modification program designed to help homeowners with making their mortgage payments affordable and avoid foreclosure in South Florida.
Eligibility for HAMP involves:
Citi Mortgage To Let Troubled Homeowners Stay for 6 Months
By : The Associated Press
Feb 11, 2010
Citigroup Inc. plans to let homeowners on the verge of foreclosure stay in their homes for six months — if they turn over the deed to their property.
Citi said Thursday it is launching the pilot program, dubbed “Foreclosure Alternatives,” this week in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. Initially, about 1,000 homeowners are expected to participate. Citi may expand the program nationwide.
by John Gittelsohn and Prashant Gopal, Bloomberg News
Protecting yourself from illicit foreclosure-rescue firms:
Beware of companies calling themselves “mortgage consultants,” or “foreclosure services” promising to save your credit or pay closing costs.
Don’t ignore mail from your lender; stay in touch even after a foreclosure notice has been filed. If you have a problem, try to negotiate a new loan arrangement with your lender before considering outside experts.
Never transfer your property deed or title to a rescue firm.
