There is little doubt that the federal loan modification plan has helped millions of struggling homeowners across entire America save their homes from possible foreclosures. And the Obama administration has left no bones unturned in order to ensure that the program is a phenomenal success. Typically, the home affordable modification program (HAMP), which is supported by a $ 75 billion package, has been designed to financially assist distressed homeowners who have been faced with enormous financial hardships and are finding it hard to stay current on their existing home mortgage payments. Under the HAMP, eligible borrowers have the opportunity to get access to much lower mortgage rates and hence, drastically reduced monthly mortgage payments.
It is estimated that almost 5 million homeowners are likely to be benefitted by the government mortgage loan modification plan. To encourage lenders to approve more number of house makers for home loan modifications, the federal government on its part provides monetary incentives to lenders. As a result, till date thousands of homeowners have availed the benefits offered by the federal scheme. Nevertheless, to qualify for the HAMP loan modification, borrowers are required to fulfill certain requirements which have been outlined by the Obama stimulus plan guidelines. If you can satisfy the conditions stipulated down by program rules and regulations, your current mortgage loan lender would use the HAMP program guidelines to modify mortgage loans and bring down your monthly mortgage installments to under 31% of your gross monthly income by carrying out any of the below mentioned.
- Reduce mortgage rates to as low as 2%.
- Extend the duration of the mortgage loan.
- Embark upon principal forgiveness or forbearance.
Thus, the latest government initiative has been much better in comparison to similar such initiatives provided by previous governments. Today the application process has been totally simplified and streamlined to make it easier for borrowers as well as lenders. However, to grant an approval for home loan modification plan under HAMP, lenders are required to follow a series of steps laid down by the Treasury Department. You could get qualified for a permanent loan modification in as less as 120 days and that too with just one correct and accurate application. But for that you need to avail an expert guidance which could invariably help you to save valuable time and considerably enhance your chances of getting approved for the HAMP loan modification at the first attempt. This is because the documentation that needs to be furnished along with your loan modification request is quite complex and needs active assistance of a professionally qualified lawyer.
You can get more useful information on HAMP requirements by availing a free evaluation from loan modification experts employed by reliable and reputed online service providers like USLoanz.
Get Approved For The Federal Loan Modification Plan Today
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Johnathan Y. Bostic
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San Mateo, CA 94403
Web: http://www.usloanz.com/
