Homeowners can stop wasting time and actually get an answer to their HAMP loan modification in just 30 days by following the federal procedure. Most borrowers have experienced the frustration of dealing with banks who have been less than helpful to applicants, and have faced months of months of delays while trying to hold off foreclosure.
The HAMP application procedure is streamlined so that now when a borrower applies for a loan workout their application will be reviewed quickly and an answer provided within a prescribed time frame. However, the homeowner must follow these steps in order to ensure a rapid and positive response:
Within 10 days of receiving a request for consideration of a loan modification, lenders will acknowledge the request and provide the homeowner with application instructions. Homeowners must complete their financial statement correctly, provide 2 most recent paycheck stubs, a signed 4506T form and a hardship letter. Lenders must provide an answer-either the homeowner qualifies or not-within 30 days of receiving a complete loan modification application package. If approved, the borrower will be given a 3 month trial payment, and upon completing all 3 payments on time the workout will become permanent. No more re-applying or updating of information. If the homeowner does not qualify or defaults during the trial period, other options may be offered-short sale or deed in lieu of foreclosure. So, it is possible to get your answer within just 30 days-but it is the homeowners responsibility to make certain that their paperwork is accurate, acceptable and complete. If an application is missing documents or filled out incorrectly, the the homeowner must provide the requested information within the due date or risk losing their chance at a loan modification.
The HAMP approval guidelines are fairly simple-your debt ratio, new target payment, asset ratio and other calculations are all part of the approval formula. If you are not certain how to prepare your financial statement correctly, you may want to use the software program designed just for homeowners. The Loan Mod Quick APP will do all the crucial calculations for you automatically. You can avoid mistakes, save hours and be confident that your paperwork is correct. The key to a 30 day loan modification is an accurate and acceptable application-do it right the first time.
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