Homeowners who have been frustrated with the loan modification process will now be able to work much more quickly with their banks to find a home retention solution. The federal plan called HAMP-for Home Affordable Modification Plan has been streamlined for 2010 and promises to give borrowers a faster response to their request for a loan workout.
HAMP has also been expanded with the addition of a program called HAFA-this stands for Home Affordable Foreclosure Alternative and offers a standardized short sale option for those borrowers who do not qualify for a loan modification or who wish to exit their home. The idea is to help make the transition from home ownership less stressful and damaging to borrowers credit.
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The federal loan modification plan, HAMP, has been less than a success given the number of completed loan workouts by participating lenders. In an effort to increase those numbers, the new process has made the application process much more simple. Here is process to follow for HAMP application.
4 STEPS TO HAMP APPLICATION:
Call your lender and tell them you wish to apply for HAMP. Your request must be acknowledged within 10 days and an application package mailed to you. Accurately complete the loan modification application and return it with all of the required documents. These will include your 2 most recent paychecks, 2009 tax return, and a signed 4506 T form (provided) Within 30 days of receiving a complete application, the lender must advise the homeowner if they qualify for HAMP. If they do not qualify, then they must be told the reason and offered another alternative, such as HAFA. If approved, a 3 month trial payment period will begin. Upon completion of all 3 payments being made on time, the loan modification will become permanent automatically-no more re-applying or updating information.
So now it is up to the homeowner to be certain that they prepare and submit an accurate and acceptable HAMP loan modification application the first time. Remember, that the lenders will carefully review each financial statement to determine if the borrower's information fits into the HAMP approval guidelines. There is a standard formula that is used to determine who qualifies, so it makes sense for borrowers to learn and use that formula when preparing their application.
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