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HAMP Loan Modification Rules
Are You Ready for Loan Modification Under New HAMP Rules?
Loan modification under the new HAMP rules has become easy and millions of Americans are already going for it. The amazing thing to know out here is that HAMP Modification is a sigh of relief for those Americans who have either lost their jobs, or were slammed by huge pay cuts. HAMP Modification is an integral part of modification programs which have been initiated by Obama's administration. It is quote significant to note here that Obama's administration is continuously reiterating the fact that under the home Modification Programs only few borrowers have been able to sought temporary loan modifications to permanent because complete paper work was not done by them. Moreover, many of the borrowers have not showed real sources of income and have failed to make payments on time.
Keeping this view, it is quite imperative to note that not majority of the borrowers belong to the bracket of defaulters. With the help of HAMP modification process started by Obama administration, homeowners who will go for the mortgage loans have to prove the income before they are considered for the trial loan modification. It has become substantially necessary and as the result of HAMP mortgage Modification, more and more home owners are becoming eligible for permanent loan modification. Under the Home Mortgage Modification program, the borrower will have to fill Request for Modification and Affidavit (RMA) Form; IRS Form 4506-T or 4506T-EZ and also provide income proof as by showing at least two pay stubs.
Avail the benefits of the Home Affordable Modification Program and you will come out of the troubled waters, sailing smoothly. Modifying Mortgage loan process is meant to provide you an easy entry into permanent loan modification.
Within the 10 business days after receiving the initial package under the Home Affordable Modification Program, the loan servicer should acknowledge the request from the borrower for the HAMP participation. Further, the loan servicer will review the initial package within 30 calendar days after receiving the package. Under the Home Affordable Modification Program, if there's any problem in the documentation, the servicer will need to get in touch with the borrower immediately. However, in case of completed documentation, the servicer can send the borrower to Trial Period Plan notice or check whether the borrower fulfills all the eligibility criteria. HAMP loan modification process is transparent and it gives advantage to the servicer as well as the borrower.
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