Chermack Law

  • Practice Areas
    • Family Law
    • Bankruptcy
    • Adoption
    • Housing Law
  • About Liz
  • Contact
  • Blog
  • Se Habla Español

Tag Archives: in-house modification

More than 500,000 HAMP modifications have been made permanent

Posted on February 8, 2011 by Elizabeth Rosar Chermack

As of February 1, 2011, more than half a million HAMP modifications have been made permanent. Read more about it here. What do people do when they don’t receive a permanent HAMP modification? Some people, who may not qualify for a modification under the HAMP program have been able to obtain an in-house modification through their bank. Generally, the application process for an in-house modification is the same as the application process for the HAMP program, but the banks have more leeway in deciding whether to grant an in-house modification. The process for obtaining an in-house modification is not really any less frustrating or time-consuming than obtaining a HAMP modification. It is, however, another option for a struggling homeowner who would like to save his or her home.

Homeowners who are not able to save their homes sometimes participate in the Home Affordable Foreclosure Alternatives (HAFA) Program – by doing a short sale or a deed in lieu of foreclosure.

Sometimes, a homeowner who is unable to obtain a modification chooses to let their house go into foreclosure. A homeowner who chooses this option should be sure that they understand their state’s laws regarding deficiency judgments and foreclosure. Here is a link to my blog post about Minnesota’s laws regarding deficiency judgments.


Posted in Housing Law | Tags: deficiency judgment, HAFA, HAMP, in-house modification | Leave a comment |

Recent Posts

  • Updated means test numbers – effective November 1, 2020
  • Uncontested Flat Fee Divorce and Custody Cases
  • Family Law Intake Forms
  • Balancing Act: Episodes 31 thru 35
  • Balancing Act: Episodes 28 thru 30

CyberChimps WordPress Themes

© Elizabeth Rosar Chermack, Attorney at Law. Disclaimer: The content of this website is provided for informational purposes only. Information you obtain from this website is not, nor is it intended to be, legal advice. You should consult an attorney for individualized advice. Use of this website does not create an attorney-client relationship. Elizabeth Rosar Chermack, Attorney at Law, is a designated debt relief agency by an Act of Congress and the President of the United States. She assists consumers seeking relief under the U.S. Bankruptcy Code.