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HAMP-Home affordable modification program part of the Making Home Affordable Program
The home affordable modification program includes mortgages backed by government guarantors and private lending institutions!
When the Obama home affordable modification program was started the initial help and modifications were for those whose mortgage was guaranteed through Fannie Mae and Freddie Mac. Since then more than 100 lending institutions who provided mortgages have joined in making available to homeowners similar programs to save their homes
Home affordable modification is a way for millions of distressed homeowners to have the means of saving their homes!
This program is being paid for by more than $75 billion that has been tagged for this purpose in the stimulus program. A program put in place to bolster America’s struggling economy after the meltdown of what has been dubbed “The Great Recession.” The HAMP program can be used to lower monthly mortgage payments if they exceed 31% of the mortgagee’s gross monthly income. All income must be reported, a fact that has caused some individuals that have applied for the program to be denied.
How do you apply for a federal home affordable modification program?
- Contact your lender and determine if they participate in the HAMP program
- Assemble all the necessary documents, your lender can provide you with what information is required
- If financial hardship is involved like a loss of job for a family member, medical bills, a reduction in pay, etc. you must produce a well written letter explaining the facts in your case.
- Negotiation with the lender begins here.
Uncomfortable with the process, seem complicated? You’re not alone!
Many people have found it difficult to apply for this program because they realize that you only get one chance to apply. That negotiation with a mortgage lending institution is necessary, and they are uncomfortable with that process. That’s why USLoanz.com is providing professionals who can help negotiate, provide necessary information and increase the success rate for those who apply for a home affordable modification plan.
Things to do that make a difference!
First and foremost make sure that all information you provide is accurate and complete. Failure to report income will definitely create an immediate problem. Remember that you must provide a well written justification for seeking a making home affordable modification. Follow up is important some advisers recommend twice weekly checks with your lender once the process has begun. Perhaps most important of all is agreeing with the lender on a payment you can afford. One of your obligations is making sure that that amount is paid on time, as a trial period of three to six months is required before making home affordable modification can be finalized. Reductions in principal amounts take place after three years of continuous on time payments.
If you need help, turn to LoanexFastCash!
Experts you can access right here can help take the confusion and worry out of the process of applying for the making home affordable modification program. We are a safe secure website for your private financial information and provide a prompt courteous response to your inquiry. If you need help in saving your home, ask us!