Get Quick Approval For The Hafa And Hamp Loan Modification
Homeowners who are frustrated with the loan modification program will be able to
work more quickly with their banks to find a home maintenance solution. The federal plan called as home affordable modification has been streamlined for 2010 and it promises the borrowers to give a fast response to their request for a loan workout thus more and more number of people are relying on this plan.
HAMP has expanded with the addition of a program named as HAFA- Home Affordable Foreclosure Alternative and it offers standardized short sale option for those borrowers who dont qualify for a loan mod. The main idea of this plan is to assist the transition from home ownership less damaging and stressful to borrowers credit.
The home affordable refinance program is a successful plan which has helped millions of homeowners in refinancing. The number of homeowners applying for the HAMP Loan Modification is also increasing and to increase those numbers more, the new plan has made the application procedure very simple and easy, below given is the process to follow for HAMP:
Steps to HAMP application:
* Call loan modification lenders and tell them if one is wishing to apply for HAMP. The request should be acknowledge within 10 days.
* One should precisely complete the loan modification application and return it with all the documents; this includes 2009 tax return, 2 recent paychecks and a signed 4506 T form.
* Within 30 days of receiving the application, the lender should tell the homeowner if they qualify for HAMP. If they dont then they should be told the valid reason and should offer other option like HAFA.
* If one is approved than a three month trial loan modification period will initiate and upon the completion of all the three payments being made on time, the loan modification process will automatically become permanent.
At last its up to the homeowners to be sure that they submit an acceptable and accurate HAMP loan modification application. One should take note that the lenders will carefully review each statement to decide whether the borrower fits in the HAMP guidelines or not. There is one standard formula which is used to decide who qualifies for the loan modification thus it make sense for borrower to use this formula while preparing their own application.