HAMP PROGRAM A FAILURE
Originally, the HAMP Program was designed to “help responsible homeowners stay in their homes,” (an actual quote from President Obama when he announced the program). It was intended to be the loan modification program that would allow homeowners to keep their homes and reward the banks for their “efforts” in getting homeowners’ loans modified. It was equivalent to an “Everybody Wins” solution – except the American Taxpayer that is. Although millions of loans were to be modified, sadly it has only worked for around 600,000 people across the country.
There are 3.3 million families who might have been reached by this program if only it had been better designed, better managed and better executed by the Treasury department,” said Neil Barofsky, the special inspector general installed to oversee the government’s bank bailout efforts.
Once again, the Obama Modification program (commonly called HAMP) is coming under fire from members of Congress. The program was supposed to help 3 million to 4 million homeowners avoid foreclosure, but it has fallen far short of that goal, and now Republican lawmakers have introduced legislation to shut it down.
In February, Barofsky announced he would be stepping down from his post in March. He says the Obama administration’s program to prevent foreclosures is broken, and that many of the people it’s supposed to be helping are now “in a far worse place than they would have been had this program not existed.” HAMP has done nothing to stop foreclosure. Many homeowners who applied HAMP were not even in foreclosure when they began the process. Now they sit by waiting for a bank to modify their loan, only to receive notice (if they’re lucky) that their home will be sold at auction.
Barofsky’s decision to bail ship instead of taking firm steps to stop the banks in creating more victims of the HAMP program confirms public sentiment that the HAMP program was never anything more than a government scam to bilk the American taxpayer. Most Americans now feel that there was never any intention by the government to actually bring lenders into line and hold them accountable for their pillaging and plundering of the American Homeowner.
This refusal by the government to insist and take strong actions to hold the banks accountable for their predatory lending practices and predatory loans, for their illegal foreclosures, their wrongful denials of HAMP applicants, and their constant ineptitude (lost faxes, missing paperwork, month and months of “under review” for a loan mod process that only takes a couple of weeks to do) has led more and more people to question the constant and ongoing government campaign messages that homeowners will get the help they need from the bank – free of charge.
The good thing about the American homeowners is their ability to see the falsity and fraud of it all and then take action to protect themselves. And that is the trend we are now seeing. American homeowners are finally taking action. They are reaching to professionals who can and have saved thousands of homes on an ever-greater number.
Statistics speak loudly, and the statistics show that homeowners working directly with the bank to obtain a loan mod are losing everything: their credit scores, their savings, their lines of credit, their peace of mind, their families and relationships, and finally their home – usually through wrongful foreclosure.
One such company that reports a steady rise in calls for help is Tila Solutions. This company conducts forensic loan reviews, and Securitization Audits to provide a “real defense” for the Homeowner. They provide as well, for those who want (and most do) out-of-court negotiations services to assist the homeowner get his loan modified. If you view their website, you will find that they are an audit company that does not send the homeowner “hat in hand” to the bank to ask for help because he has fallen on hard times. Their approach is to show the bank where the bank was at fault and thus must rectify the solution with the homeowner. They do all of this without stepping foot in a courtroom.
Tila Solutions urges all homeowners to remember that professional help is truly a must when the banks have proven statistically that they will not modify loans, and will instead foreclose. But the professional help must include actions that hold the bank accountable for the predatory loans they issued and for the illegal foreclosures they are involved in. Homeowners have very little success in saving their homes if they do not have Forensic Loan Audits and/or Securitization Audits done before they attempt to get loan modifications.
Tila Solutions looks out for the homeowner. A Tila Solutions Consultant is available for people by telephone at (702) 508-0335. Or you can visit the Tila Solutions website at http://www.tilasolutions.com/ . They will help. They are not funded by the governments or the lenders. They are on the homeowners’ side.
Key Words: wrongful foreclosure, foreclosure, stop foreclosure, loan mod, loan modification, forensic audit, forensic loan reviews, securitization audit, Hamp Mod, modifications, Tila Solutions, free consultations
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