New Rules Introduced by The Federal Government That Protect Foreclosure Victims
The American Residential Law Group has recently created new laws in order to protect homeowners who are facing foreclosure. Changes have been brought about to enable HAMP to be more effective preventing evictions and foreclosures.
The American Residential Law Group announced recently that the federal government, to protect foreclosure victims, is now using the new laws. This new plan provides protection to homeowners to prevent them from having feelings of frustration and confusion while they are in the process of foreclosure.
Some of the house owners have been able to get some help through the HAMP plan. But unethical operations conducted by national leaders have caused some homeowners to become confused because they thought the new plan was designed to help them. To prevent crooks from conducting unethical operations with the new plan, the federal government has passed new laws that lenders must follow in order to prevent such things from happening.
Lenders are now expected to have homeowners screened who are at risk of foreclosure to find out if they qualify to have their loan modified. The lenders are now prohibited from foreclosing the house of any homeowner until the eligibility test has been completed. After they are screened, a homeowner must wait thirty days to see if their loan can be modified or not.
However, where there is a will there is a way and unethical lenders can still continue to twist the new rules. Their one aim is to carve out a “pound of flesh” from their clients. Given this scenario, it is advisable for house owners to accept legal help so they are not vulnerable to these crooks.
The American Residential Law Group has stated recently that each state has a total of 170,000 Americans that benefit from having their home loans modified. Over 6 million people currently are struggling to pay their mortgage dues. These numbers indicate that federal aid to people in danger of foreclosure has not been working. Thus legal help must be given to people struggling with foreclosure to avoid them being ensnared in the nets of these wily leaders. The worst affected are those that are up to their neck in mortgage dues that need to be paid.
More about the legal group can be learnt from their website – http://www.ARLGNow.com. This group endeavours to help the victims with legal help pointing out to them all the assistance they are entitled to.
I have a situation where I purchase a foreclosure with the second mortgage at the auction and won the bid. They did not name the first mortgage holder in the foreclosure. Now the first mortgage holder is threatening to foreclosure and is scheduled soon. thank you for any advice desperate.