Confused about the best way to get an affordable mortgage so you can stay in your home? Is a do it yourself loan modification possible under Obama's stimulus plan, called HAMP or Home Affordable Modification? The fact is that with this new federal program, it is easier than ever to get the help you need to modify your home loan into affordable payments. The key to success is to learn about the federal approval guidelines and prepare your application before contacting your lender. Here are some simple steps you can take to make sure you have the best chance of success.
Learn the criteria for approval before completing your loan modification application paperwork. It's pretty hard to qualify for something unless you know what the guidelines for acceptance are. Learn the basics and then tailor your application so that it fits those guidelines. There is a standard 4 step formula that is used to decide if you qualify-you can use this very same formula with the help of a software program designed just for homeowners that mimics this very same program. Gather all of your documents and forms together so that you have everything at your fingertips. Being organized and prepared will give you the confidence to call your lender and will reduce the chance of saying the wrong thing when speaking with your bank. Use a document checklist and stacking order guide so that you are certain your have provided your lender with a complete and acceptable loan modification application the first time. There are certain forms and documents your bank must see to review your file. Millions of homeowners just like you are trying to get a loan workout, keep your file at the top of the stack and avoid delays by submitting a complete file. Follow up once you submit your file to make sure it has been received, and then call every 5 days to check on the status. Even if your bank says it will take longer to get back to you, don't wait for them to call you. Being proactive and persistent is the biggest key to success.
The truth is that qualified homeowners will be offered a loan modification under Obama's stimulus plan, or HAMP. You must prove to your bank in black and white that you are qualified and make it easy for them to quickly approve you by providing everything they need to see from you all at once. The approval guidelines are standard for everyone-either you qualify or you don't. When you work on your loan modification forms ahead of time you have the chance to make any adjustments necessary to assure that you meet the guidelines.
The software for homeowners makes it easy-simply put in your own income and expenses and it does all the calculations for you and you see immediately if you need to make any adjustments to qualify. If you are unsure about how to figure your debt ratio, new target payment, disposable income or any of the other qualifying criteria, take advantage of this computer program. Avoid mistakes and complete your financial statement right the first time for the best chance of quick approval. It just makes sense-learn, prepare and then apply.
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