Approach the Right Lender with Complete Application

Approach the Right Lender with Complete Application

President Obama has indeed made changes and one big change is the introduction of the federal loan modification plan which is for the benefits of more than 4 million homeowners and features standardized terms and conditions. This plan goes by the name HAMP or Home affordable Modification Program funded by $75 billion as a whole amount. It is introduced for the use of people and it rewards homeowners by paying lenders and banks by modifying current loans.

The government home affordable modification program is directly stimulated by bank of American loan modification program that has its criteria for qualifying: if you can stand couple of questions then you are set with home affordable modification program guidelines. Some of them are:

Is the home you live your prime residence?

Does your loan originated prior to January 1, 2009 or later?

Is the total sum of your loan less than $729,750?

Does your present mortgage sum equal to more than 31% of your gross income?

If you can cover up all these points, then your loan can be customized with a new interest rate that can be reduced as low as 2% and you can also expand the time limit up to 40 years. There are also possibilities that your whole balance is put back in order to deduct a new payment that is only 31% of your gross monthly income. There are many banks which are approved by the Obama loan modification program.

Homeowners as well as borrowers are believed to pursue definite detailed guidelines and submit their applications to be eligible for B of A Loan Modification. There are more than 16 known banks approved by the federal bank right now and more banks are added as they sign their formal concord with the treasury department. Some of them are:

Aurora Loan Services LLC

Bank of America, NA

Carrington Mortgage Services, LLC

Chase Financial LLC

CitiMortgage, Inc

Countrywide Home Loans Servicing LP

GMAC Mortgage LLC

Green Tree Servicing LLC

Home Loan Services, Inc

Nationstar Mortgage LLC

Ocwen Financial Corp, Inc

Residential Credit Solutions

Saxon Mortgage Service

Select Portfolio Servicing

Wells Fargo Bank, NA

Wilshire Credit Corporation

The application form can be accepted only one time so it is important to follow all the norms of the policy before the application is filed for review. Incomplete or incorrect application will be rejected and refilling is not possible at present. So, one should take the time to complete the paperwork before it is being submitted to the federal department.

Are you aware of the bank of America loan modification program? It is a strategic program under the regime of president Obama and it is meant to improve the economic conditions of the homeowners and get them back on the financial grounds and to customize their present loans.

This new scheme is for the benefit of homeowners and one should know about the home affordable modification program guidelines and benefits of Obama loan modification program to avail them as soon as possible.

Jack Smith is a reputed counselor working for Loansstore.com and shares his experience on Loan Modification Guidelines and FHA Streamline Refinance.

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