*3 quarters to midnight*
If you’re facing foreclosure you’re running out of time and you don’t even know it. The federal loan modification and foreclosure alternative programs HARP, HAMP and HAFA will all expire on December 31, 2016. The federal government has already advised that there will be no further extensions of the deadline. Millions of eligible homeowners have not even applied for these programs yet and the sand has almost run out of the hourglass.
If you don’t act fast the only programs left will be “in house” programs. These are alleged modification and foreclosure alternatives that have been constructed by the banks themselves. Despite the fact that financial institutions are required, under Regulation X and the National Mortgage Settlement Agreement, to disclose the guidelines for these programs they almost never do. These in-house programs are also prone to frequent changes in evaluation and qualification criteria. Individuals that have previously been denied modification based on “investor guidelines” know this all too well.
So as the saying goes, “act now, supplies are running out.”