Getting a loan modification approval under the home affordable modification program (HAMP) might not be that easy considering the complicated requirements which the entire process demands. Most of the borrowers who apply for the HAMP often end up facing a denial for their request on account of inaccurate paperwork which needs to furnished along with the loan modification application. This happens because applicants do not have understanding of the HAMP guidelines. Nevertheless, statistically it has been proven that borrowers who taken advantage of expert helps have much enhanced chances of getting approved for the HAMP plan.
USLoanz offers professional services to guide borrowers in thoroughly understanding the HAMP loan modification requirements and process which is vital to get an early HAMP approval.
Click here to know more about the HAMP home loan modification plan now!
Typically, the HAMP federal government loan modification plan is a structured program which has been initiated by the Obama administration to financially help struggling homeowners to save their homes from possible foreclosures. The HAMP mortgage modification program provides unique opportunity to distressed borrowers to get their existing monthly mortgage payments lowered to 31% of their gross monthly income. Nevertheless, to derive the benefits of the HAMP, loan modification applicants are needed to meet few requirements that have been stipulated by the Obama stimulus plan guidelines.
To qualify for the Obama federal loan modification or HAMP plan,
- Home needs to primary residence and not an investment or commercial property.
- Value of the current home mortgage has to be less than or equal to $ 729,750 for a single-unit family residence. It could be more for more number of units.
- Existing home mortgage loans should have originated on or before 1st January, 2009.
- Borrowers need to demonstrate financial hardship situation along with valid reasons.
- Present monthly mortgage installments have to be more than 31% of gross monthly income.
These are just few basic requirements. When you are exploring your loan modification options, it is always desirable to seek expert legal advice from competent loan modification lawyers who are well thoroughly versed with guidelines and procedural requirements.
Remember, you do not have to be delinquent on your mortgage payments or wait for your financial situation to further worsen. You can use a free evaluation to analyze your circumstances and explore any real chances of getting a HAMP home loan modification.
Remember, you do not have to be delinquent on your mortgage payments or wait for your financial situation to further worsen. You can use a free evaluation to analyze your circumstances and explore any real chances of getting a HAMP home loan modification.
Our professionally qualified and highly experienced mortgage loan modification attorney in your local area would provide you with free consultation to help you understand the HAMP requirements and process. And if can fulfill the HAMP eligibility criteria, you could be actively assisted in preparing correct and accurate documentation which is crucial to get an early approval.
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