Confused about Obama's HAMP guidelines for approval and need to get answers to your loan modification questions? The federal government has billions of dollars set aside to help borrowers stay in their homes by offering a program called HAMP. This stands for Home Affordable Modification Plan and this program is targeted at struggling homeowners stuck with unaffordable mortgage payments or facing a financial hardship situation. How do you know if you may qualify for this government plan? Just what is the best way to get started and have a good chance of success. Here are some answers to your loan modification questions.
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Could I qualify for this government assistance plan? Millions of borrowers are expected to receive help under HAMP-but you must be able to meet the basic qualifications. These include living in the home as your primary residence, having a loan amount less than $729,750 and that you took out your loan before January 1, 2009. How do I know if my lender is offering the HAMP government plan? Most major banks are participating-the incentive for them is millions of dollars in federal funds that they get paid under the plan to modify loans. You can check on the government website for a list of lenders and servicers who are offering this program. Check out makinghomeaffordable.gov for the list. What's the first step to apply? If you have fallen behind on your payments,then you may already have been contacted by your lender with a letter or phone call. It is important to ask specifically for the HAMP plan-do not waste your time talking to the collections department. They just want to get some money from you and are not able to help you with a loan workout. So, tell your lender you want to be considered for Obama's home retention plan and then get started on your application. Prepare and submit an accurate and acceptable financial statement and hardship letter. Your bank will review this information and make their decision based on what you provide to them. It is so important to fine tune your budget so that it meets the approval guidelines. There is a formula that your bank will use to determine if you qualify, so it just makes sense to know and use this same formula when you prepare your own application. You can save hours and avoid mistakes by using a software program called Loan Mod Quick App that mimics this formula and does all the calculations automatically for you. Don't let your loan modification questions stop you from applying for a loan workout with your bank. Spend just a couple of hours working on your financial statement ahead of time, make any necessary adjustments needed to fit the guidelines, then get on the phone with your bank. If you have questions about debt ratio, target payment, disposable income or any other qualifications, the Loan Mod Quick App is a great tool that takes the guess work out of an acceptable application. The longer you wait the less options you will have, so make the decision to get going today.
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