Posted On: February 5, 2010

Treasury Department’s HAMP

A Roseville Bankruptcy Lawyer Discusses the Treasury Department’s Home Affordable Modification Program

In an effort to stem the rising wage of foreclosures across the United States, the Treasury Department introduced the Home Affordable Modification Program (HAMP) which is designed to give millions of homeowners who have loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance in order to achieve more affordable monthly payments. $75 billion has been put into the program in an attempt to prevent millions of Americans from facing foreclosure. Although the program has started the mortgage modification process for approximately 760,000 homeowners at risk, less than 5% of those have become permanent modifications.

Since the start of the recession in 2007, more than 5 million mortgages have been forced into foreclosure proceedings and analysts expect another 8 million to 13 million more to follow in the next five years. The Treasury’s goal is to help modify approximately 3 to 4 million mortgages in 3 years, but even this lofty goal is still far outpaced by the number of current foreclosures, not to mention those anticipated in coming years, especially if you take into account that only 1% of the Treasury’s goal has actually completed the process. One of the main problems is the slow pace of finalizing modifications that are in progress. The three month trial period for the modification process also factors into the low conversion rate.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!

Bookmark and Share

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

100% Money-Back Guarantee from Sagaria Law

If the courts do not accept your bankruptcy filing because of an error on our part, we will refund 100% of your money, including the filing fee!

At Sagaria Law, PC we want to guide you on the path to financial freedom and realize this is not an easy task for most. We respect your devotion to better your circumstances even with financial hardship and thus are willing to guarantee that if you retain us, we will do everything we can, legally and ethically, to help you become debt-free.

The Fine Print

The Sagaria law guarantee covers everything that a bankruptcy law firm produces in order to successfully complete a bankruptcy filing. We guarantee that it will be done in a manner that is accepted for filing with the bankruptcy clerk's office.

There may be reasons beyond our control that may cause a case to be dismissed. Therefore, the 100% Money-Back Guarantee does not guarantee;

  1. That you will receive a discharge.
  2. That you will receive a discharge of all debts or of any particular debt.
  3. That your case won't be dismissed for reasons not related to the paperwork being accepted for filing.
  4. That you, our client, will successfully complete all of your obligations including accurate disclosure of debts, completing your forms on time and attending your 341 meeting as scheduled.
  5. That you will not lose assets in chapter 7, or that creditors won't successfully argue for the repossession of collateral in chapter 13.
  6. That you will not encounter challenges of any kind to your bankruptcy case.

Take advantage of this offer. Get started now by completing your FREE online bankruptcy evaluation, accessible from our home page.

Click Here To Close This Window