Find best loan modifications programs

The home Affordable modification Plan procedure makes it mandatory for all mortgage

modification applicants to satisfy certain federal guidelines or Making Home Affordable Program Guidelines. In order to get an instant reply from your existing lender you need to follow a process which is as given by: Contact your lender and ask him to be considered for a loan modification under HAMP with a formal request. You could receive an acknowledgement for your request within 10 days along with a proposed package. Your loan modification application needs to be correct and accurate and it should be evident that you meet the guidelines of the HAMP. So if you are applying for the Bank of America Loan Modification Program, once you receive the receipt, it is important for you to dispatch the application along with the legal documents such as copies of paystubs, income tax returns, letter of hardships, etc. The lender reviews the application and in case the documentation is incomplete, the lender could serve a notice for incomplete documents.Homeowners would be notified whether they are eligible for the government plan or not, depending upon the completeness, accuracy and acceptability of the package sent by you within 30 days of your submitting the application.If approved for a loan modification, borrowers are put on to a trial modification and on successful completion of this period, permanent modification could be granted.If you are not eligible for the Obama loan modification program, you could be offered the Home Affordable Foreclosure Alternative (HAFA) which outlines a streamlined short sale process which permits a $3,000 transition fee which is required to be paid to the homeowner.Find best loan modifications programsBy: chrismartine

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