Frustrated and angry because you are getting the run around from you bank and need loan modification help right now? Well, the Fed is frustrated too with the extremely low numbers of completed loan workouts and so they have put in place a timeline for getting an answer back to homeowners seeking assistance with unaffordable mortgage payments.
How can you get loan modification help in just 30 days? That's the goal of HAMP-provide a loan workout so that homeowners can avoid foreclosure and stay in their home. It is possible to get your answer quickly-but there is a catch. The Federal time line says that homeowners must receive a yes or no answer from their lender within 30 days of receiving a COMPLETE loan modification package. So, if you don't send in the right paperwork the clock does not start ticking and you can be held up for much longer.
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What exactly is a complete loan modification package? Well, the standard documents that are required are:
Borrowers information statement- this simply provides your personal information like your full legal name, birth date, social security number, and information on the property. Financial Statement- the "meat and potatoes" of your package, this form details your monthly gross income, monthly debts and your assets. How important is this form? Well, based on how you complete this one a decision will be made to approve or deny you-so it is critical to understand just how to fine tune your budget so that you meet the HAMP guidelines. Hardship Letter- This is a brief description of why you can no longer afford the mortgage payment. It is important to keep it to one page if possible, but also be sure to use the trigger phrases your bank is looking for. One of them is "imminent risk of default", there are 3 more that you should include. Proof of your income: Make sure you include your 2 most recent paycheck stubs, 2 years tax returns, 2 months bank statements and any rental agreements you might have. This is a full disclosure process, so you will be expected to prove everything you put on your financial statement.
So, it really is up to you to be sure that you prepare a complete and accurate application if you hope to get loan modification help in just 30 days. The truth is that homeowners are not really given the inside information they need to have a good chance of approval. Did you know that there is a 4 step formula that all banks use when qualifying homeowners for HAMP? Well, you can use this very same formula to prepare your own financial statement and be certain that you fit into the guidelines.
If you need help to figure your own debt ratio, new target payment, asset ratio or any of the other qualifying triggers, then you may want to use a software program designed to help homeowners prepare their application. The Loan Mod Quick App actually mimics the federal guidelines, and is so simple to use. You just input your own income and expenses, and all the pertinent calculations are done immediately and automatically for you. You will see if you need to make any adjustments to your figures before your lender ever review it.
Homeowners need a fighting chance-and preparing your loan modification application properly is the biggest part of the 30 day approval criteria. When you are prepared, informed and persistent you are giving yourself the edge you need to succeed and get the help you need and deserve.
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