Facts About HAMP Loan Modification Programs

These days economic crunch is such that it is becoming complicated to pay back the existing loans that are actually at an inclined rate. This home loan program has been particularly designed for individuals who have their mortgages approved through FHA. You could now get your home loans revised if they are backed through FHA that means your lender is an accepted FHA lender. In case you have been denied on HAMP loan modification programs then you’re reading the right thing. HAMP through federal government is an effort to change the presented mortgage tenure so that it cold becomes reasonable for the homeowners.

Directions on Home Affordable Loan Modification Program

• If you actually wish to get your mortgage modified then first thing you need to check whether your mortgage is coming under FHA or not. If yes then the first step is completed. Now you have to make sure that this loan is a new loan and has not been modified before. Any loan which has already been revised under HAMP loan modification program would not qualify for this.
• Now, you will have to complete all the documentations required by the bank. Ask your bank for an entire list of documents that need to be submitted on time. In most of the cases, you need to give your bank statements, earnings accounts containing profit and loss account, balance sheet etc. Also prepare a financial worksheet that you have to submit so that they could examine your financial capability. Apart from all these, you might also involve to present your identity proofs and present loan details.
• The third and the most important step would be to write a hardship letter to the lender. A hardship letter shall be written in such a way that it can clearly explain the reason for your hardship and the steps that you have taken to get back to normal. Along with this, also mention your positive intentions to repay the loan. This document would be submitted along with all the other docs mentioned above.
• Now submit the file in the bank and wait till it gets processed. If everything falls in place, you would soon be able to get the modification approved on your loan. However you have to keep in mind that you are going to assist and cooperate with the bank at all times by providing all the information needed.

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