As Americans look around their neighborhood, it’s obvious the foreclosure crisis is nowhere near over.  Signs that read “For Sale” litter various communities and foreclosure auctions are happening at banks, online and everywhere in between.  Many Americans are left wondering why this crisis wasn’t solved by President Obama and the Federal loan modification program – a program that was supposed to help lift people out of this crisis.

The Home Affordable Modification Program (or HAMP as it’s known) has been about as effective as using a teaspoon to bail out the titanic.  The plan didn’t call for a homeowner bailout so much as a huge pool of money for banks as a potential incentive to give out more loan modifications.  The banks are taking the opportunity to have a feeding frenzy on free government money, or rather tens of billions of dollars of tax payer money.  Instead of HAMP, we’ve been given HAM – a pork laden law that feeds the money hungry banking and lender industry.

The first of three months of HAMP were a probation period, and very few homeowners are actually making it out of that trial period, fewer than 2,000 out of 650,000!  In fact, look at the loan modification trends in 2009, since President Obama’s HAMP program has been in effect:

·From April 2009 to May 2009, loan modifications dropped 11%

·For every dollar saved in loan modifications, $150 was lost in foreclosure

But, at the same time, look at how the banks have benefited:

·Goldman Sachs has recorded record bonuses

·Despite receiving billions in HAM funds, Bank of America continues to foreclosure on a record number of homeowners

Unfortunately, many of these problems stem from the fact that HAMP is not dealing with the changing nature of foreclosures.  The weak economy and rising unemployment are increasingly damaging people’s ability to pay their mortgage, and banks are not giving them any leeway.  According to the Federal loan modification plan, no loan modification can account for more than 31 percent of a family’s income.  But, with unemployment creeping further and further above 10 percent (not counting all the underemployed homeowners) the lack of a paycheck is becoming the nation’s major problem.  This program is akin to an outdated mode of transportation, it’s like trying to drive from Los Angeles to New York in a Model T.  The crisis has evolved and the federal loan modification plan has not evolved with it.

What this all boils down to is the need for homeowners to find help for themselves.  Homeowners need a loan modification attorney who can represent their best interests, not a politician’s fable about some HAM trial modification scam.  Of the hundreds of thousands of homeowners who have put their faith in the federal government, not even 1 percent has been helped!

Getting a qualified loan modification attorney can make all the difference.  An attorney who understands loan modifications can help you get organized, create a plan of action and get the results you need.  Don’t be swallowed up with all the other HAM, hire a skilled, qualified loan modification attorney today.