Loan,Modification,Easy,Steps,G finance, share, loan Loan Modification: 5 Easy Steps To Get Your HAMP Request App
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Homeowners have been struggling foreclosures ever since the recession started. Government has implemented the Home Affordable Modification Program to help struggling homeowners keep their homes. However, since HAMP was created under time pressure, there have been some flaws that caused heavy criticism from consumers, to include slow turnaround times and high rejection rate. Therefore, there have been some changes done to the program to assure a clear understanding of the process along with specific timeframes to make decisions on consumer applications under HAMP.Despite Recent Changes, HAMP Process Remains Very ComplexRegardless of changes made by government, HAMP remains a complicated process requiring a solid understanding of how mortgage industry works along with in-depth knowledge of specific program features. For most people, applying for a loan modification under HAMP provisions is a challenging task and may result in loan modification application rejection. Therefore, professional help is highly advised.Applying for loan modification with the help of a professional HAMP consultant can take all of the confusion and stress away. Loan mod specialists are able to establish eligibility and prepare an application that has the best chance of approval. Loan modification requires many technical details that may be overlooked when applying on your own, resulting in a lot of hassle later on.Steps For Successful Loan ModificationThe first thing to do is to find a knowledgeable loan modification specialist. There are many agencies working in the loan modification field, however, they all have different success rates and level of expertise. Finding the one that is truly professional and well versed in HAMP is half job done.Second thing on your list would be getting your case evaluated by a loan mod professional. During initial consultation, your individual case is assessed against the program requirements and eligibility grounds are established. In addition, loan mod specialist may advice you of other options that may be available to you to prevent foreclosure. A proper strategy is developed, assuring the best chances of approval.After the case review and deciding what would be best for you, an application is prepared. In addition, a full list of required supporting documents is handed to you to ensure your loan servicer would have a complete picture of your case.When all paperwork is gathered and application is completed, the loan modification packet is double-checked to ensure there are no mistakes, omissions, and missing pieces of documentation. After that, it is forwarded to your loan servicer. Upon application receipt, your lender is required to notify you in writing that your application has been received and is being processed. Law requires lenders to do so within 10 days following the application receipt.Now it is time to sit and await the loan modification decision. Under new program guidelines, lenders are given up to 30 days to make a decision on your case.Post-Approval StepsYour HAMP application approval may be exciting, but it is not the end of the game. Homeowners are given a 3-month trial period to prove they are able to keep their obligations under new loan arrangements. In case you are able to make timely payments on your modified mortgage during the trial period, these changes would become permanent. Article Tags: Loan Modification
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