Answers To Some Of The Loan Modification Questions

June 29, 2012 by  Filed under: Loans 

Thanks to the federal government, it is possible for homeowners who have been struggling to pay off their mortgage to retain their homes. This has been made possible by the program known as Home Affordable Modification Plan, whose acronym is HAMP. As much as the government has moved in to implement this program, quite a number of homeowners have unanswered questions about what this program is all about. Some are speculating that this program may get them into a bigger debt. In this writing, we will look at some of the common questions that are asked by homeowners and some of the possible solutions to those questions.

What is HAMP all about? The simplest answer to this is that it is a loan modification program that enables homeowners to retain their homes. As the name suggests, it is a way of paying off your mortgage where some modifications on the repayment will be done.

How does one know whether they qualify for this program? The two main qualifications are:
– you took out a mortgage before 1st January, 2009 and
– the loan you took was less than $729,750

How do you know which lender institution participates in this program? Many of the lender institutions usually receive money from the federal government to enrol homeowners into this program. One way you can find out is to go to the program’s website where a list of the participating lender institutions will be given.

How do you go about the actual process? Once your bank has contacted you because of not paying the monthly payment, you should call back and tell them that you want to enrol for the HAMP program. The truth is that some of the associates may prove to be difficult as they will ask you many questions as to why you want to modify your loan. You can try your best and give them answers. This may be a gruelling task. However, patience and persistence is what will help you get your mortgage modified. Just keep calling and inquiring about the loan modification program until you are enrolled in it.

How do you proceed with the loan modification program application? Your lender institution or bank will give you general advice on how to go about the application. However, it is advisable to have a well-planned financial statement together with a hardship letter. Once you hand these documents in, you can only hope for the best that your loan will be modified.

The internet has a lot of information about loan modification programs. Take time and read about them.

Modificacion de Hipotecas is a great place to learn about loan modification programs. Loan Modification can help you especially if you are struggling with your mortgage repayments.

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