Mortgage Modifications

Dedicated Representation Protecting Your Interests

Is the hype that you have heard about mortgage modifications applicable in your situation? Is your adjustable rate mortgage (ARM) no longer affordable because of rising payments? Are you unable to meet your mortgage payment obligations because of life circumstances such as a medical crisis or job loss? A mortgage modification may sound like a workable solution in such situations, but our Tampa bankruptcy lawyers may have other suggestions.

Examples of mortgage modifications include the following:

  • A bank agrees to lower interest rates.
  • A bank agrees to convert an ARM or a 15-year loan to a 30 or even 40-year loan.
  • A bank agrees to move arrears or past-due payments onto the end of a loan.
  • A bank may agree to reduce the principle on a property when the market value has declined considerably.

Does the Home Affordable Modification Program (HAMP) Work?

Such proposals may sound good to a distressed mortgage holder. In 2009, the Obama administration promoted the Home Affordable Modification Program (HAMP), allegedly designed to assist homeowners who had documented financial hardship. These homeowners’ own mortgage companies were to administer the program. One stipulation of the program was as follows: “Homeowners who qualify must complete a trial period of three to four months to demonstrate that they will be able to make reduced payments on time before their mortgage will be permanently modified.” (Source:

Mortgage Modification “Programs” Often Reveal Themselves as Scams

Unfortunately, with the passage of time it has turned out that very few such mortgage modifications have come to fruition, and of those that did, most ended in default. In short, the mortgage modification hype has been just that: hype. Therefore, we urge viewers of this website to beware commercial ventures offering to “help” clients get mortgage modifications. Many turn out to be scams.

Would Your Own Bank Propose a Modification and Then Foreclose? Yes.

What if your own bank solicited your application for a mortgage modification and now claims that the application is still under consideration? That same bank wouldn’t foreclose on your real estate in the meantime, would it? Think again. This exact outcome has been reported time and again by distressed mortgage holders. Different departments of a bank do not necessarily communicate with each other. Once a bank puts a home in foreclosure up for sale, the situation is urgent.

On the other hand, many homeowners in financial distress find the solutions they seek by filing bankruptcy, setting into motion the automatic stay.

Stop foreclosure. Stop aggressive collections. Contact a Tampa bankruptcy attorney at Debt Relief Legal Group to schedule a consultation.

how can we help you?

If you’re having financial issues and know bankruptcy might be your only option..


I just want to say “thank you” to you and Mr. Feinberg. I am so grateful to you both. I’m going to take some time and really pray about what to do next. I really need someone who is completely knowledgeable of this process and really wants to help and not just take advantage of someone who is vulnerable. I kinda feel like that is what has happened to me. So I thank God for you both.


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