With Home Affordable Modification Plans (HAMP) You Can Rescue Your Dearest Homes from Foreclosure

With Home Affordable Modification Plans (HAMP) You Can Rescue Your Dearest Homes from Foreclosure

Loan modification programs are one way to try and avoid foreclosure. Reducing overall mortgage costs and saving your home from foreclosure is the ultimate objective of government loan modification programs. To be sure that this program is a good fit for your situation, you should gather information and review the rules and regulations before starting the process.

The fact is that most of the distressed home owners are not aware of the loan modification programs available to them. Anyone who is eligible to apply for a loan modification can possibly benefit by the lender amending any one the three following features:

- Reduction of principal loan balance

- Reduction in mortgage rate

- Increased loan amortization period

To be eligible for this $75 billion Obama stimulus home loan modification program, you need to satisfy certain requirements which are stipulated by the rules and regulations of the government plan. Also the documentation which is required to submit along with your loan modification application might be harder than it sounds. That is where expert legal advice becomes inevitable and plays an important role.

In order to qualify for the loan modification, you will need to provide documentation of your financial hardship and the circumstances regarding your imminent risk of default; this is called a hardship letter. You will also need to provide a detailed accounting of your monthly income and expenses. Make sure to review all documents so that you submit a complete, accurate and legible loan modification package. Follow your application systematically and you can get the loan modification help you need from your lender.

Homeowners, who are approved based on the initial criteria, are eligible to modify their loan permanently to an affordable lower interest rate and an affordable lower monthly payment. Borrowers must complete an application to include financial statement, hardship letter and provide proof of their income.

The mortgage modification attorneys can help you get a clear understanding of the guidelines of the Home modification program. They can also actively assist you in preparation of the paperwork which is required to be submitted. In the event that you do not qualify for Home Affordable Modification Plan (HAMP), there is another possible option. You can explore your eligibility for the HARP which can help some people refinance.

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