subject: Get Help to Determine If You Can Qualify For the HAMP Home Loan Modification [print this page] Get Help to Determine If You Can Qualify For the HAMP Home Loan Modification
Locating the best loan modification help online could be a harrowing task for a majority of the homeowners who are out to get their existing home mortgages modified through the Obama stimulus plan. Remember, apart from the federal mortgage modification guidelines, every lender would have a specific set of requirements for granting loan modifications.
One of the key elements to get approved for the home affordable modification program or HAMP is that the applicant should be able to prove his financial hardship situation before the lender. Typically, lenders may not offer a mortgage loan modification under the government scheme if the borrower is not actually in need of one. This is because the HAMP could be considered as a last resort to save homes from possible foreclosures. Alternatively, if a borrower is not able to afford his existing home mortgage and is faced with an impending home foreclosure, the HAMP could be his best bet.
The rising importance of loan modification help services could be better gauged from the fact that both borrowers as well as lenders have been helped to save money. While mortgage servicers are required to follow the guidelines outlined by the HAMP program, they are likely to have their own specific set of requirements to determine the risk involved in granting a loan modification to homeowners. In any case, most of the lenders may not require borrowers to have either a perfect credit or have a history of missed monthly payments for providing a home mortgage modification plan under the federally backed HAMP.
Nevertheless, if during the entire procedure of processing HAMP home loan modification application, if a particular lender feels that the applicant might not be in a position to even afford the new lowered rate of interest and hence, modified payments, there are chances that such a request may be denied. Remember, mortgage lenders primarily assess the capability of the borrowers to pay back the unpaid mortgage balances by taking into account their debt-to-income ratio (DTI) and their current level of monthly incomes. To verify this, mortgage servicers could also ask for copies of two recent paystubs, copy of last year's income tax returns, details of overall credit dues and reasons that led to financial hardship situation.
Therefore, when you are considering applying for the home affordable modification program, do not forget to inquire with your lender the exact requirements. Normally, banking institutions have loss mitigation departments where their representatives answer all such pertinent questions regarding the same. By doing so, you could get correct information pertaining to the documentation which needs to be furnished along with the HAMP loan modification application. You could also consider seeking help from expert mortgage assistance services that are available online.
To get more useful information on the Loan Modification or Home Affordable Modification Program of home loan eligibility and process requirements, it is hereby recommended to utilize the professional services offered by reputed online service providers like LoansStore.
