Homeowners can get an answer to their loan modification in just 30 days when they follow the procedure for Obama's HAMP option. The Home Affordable Modification Plan is designed to save borrowers from foreclosure by providing a low affordable mortgage payment to qualified borrowers. The secret to a fast approval? Follow these 4 simple steps:
HAMP Step #1: You must specifically ask for Home Affordable Modification Plan. The government states that every homeowner who asks for consideration must be reviewed. Your request will be acknowledged within 10 days by your lender or servicer.
HAMP Step #2: Prepare and submit a complete and accurate loan modification package. This includes a detailed accounting of your household income and expenses, proof of your income (pay check stubs, tax returns) a Hardship Letter and signed 4506T form.
Step #3: Within 30 days of receiving your complete loan modification application, a decision will be made on whether you meet the approval requirements and then you will be placed on a 3 month Trial Modification.
HAMP Step #4: After completion of the trial period, the loan modification will be made permanent. No further review or documentation will be required.
Obama's HAMP approval guidelines are simple-you must be able to meet a debt ratio and target payment calculation based on your gross monthly income and loan amount. If your financial statement figures prove that you fit into that criteria, then you have a good chance of getting a loan modification. It is critical to be certain that your application is prepared correctly the first time or you could miss out on your chance.
Many homeowners are confused about exactly how to figure their own debt ratio, target payment and are not sure they are preparing their application correctly. If you feel you need help, then you may want to use a software program designed specifically to help borrowers prepare their paperwork. The Loan Mod Quick APP will automatically calculate your debt ratio, target payment, new loan terms and let you know immediately if you may need to make any adjustments to your financial statement in order to qualify.
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