Millions of struggling families are being offered a chance to avoid foreclosure quickly. The President has provided and new way to help families having financial difficulties called HAMP (Home Affordable Modification Program), which can help qualified homeowners avoid foreclosure. The President has mandated that within 30 days, your lender must give you an answer as to whether your application has been approved or not.
This home rescue plan has been funded with $75 billion in funds, and most lenders are actively offering homeowners in trouble to apply, especially since they are being offered incentives by the government to do so. Under the HAMP loan modification program, the Treasury Department has set up standards and guidelines to follow which will help to determine which homeowners qualify. Depending on how much you can afford, different adjustment may be made to your original mortgage loan in order to lower your payments so that your family can continue making their monthly payments.
The HAMP loan modification program is designed to provide a modification to the original loan so that homeowners can remain in their homes and avoid foreclosure quickly. In order for your family to be considered eligible for this plan, these criteria must be met:
You and your family must live in the house as your primary residence Be facing a financial hardship situation such as job loss or medical emergency Your original mortgage loan has to have originated before Jan. 1, 2009 The original mortgage must be for less than $729,750 The current mortgage payment must equal more than 31% of your family's gross monthly income
Homeowners can also be properly guided and prepared if they engage the assistance of a professional service that has experience negotiating adjustments utilizing HAMP. The required application must be prepared correctly because the slightest error could cause your application to be denied. If you are denied once, it is normally much difficult to get approved later.
To determine if your family meets the criteria for the modification, a loan mod expert can guide you in preparing a hardship letter which will describe your current difficulties in being able to pay your current mortgage. He/she will also help you to prepare your financial statement which will be detailing your income and expenses for each and every month. The most important documentation will be the proof of your income which will help your lender to make a determination whether to approve your modification or not.
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