The majority of banks, lenders and servicers have agreed to be a part of HAMP-the government bailout plan to help homeowners with financing workout. Does your lender participate in the Obama Federal mortgage loan modification plan? What if you have already applied for financing workout with your bank and either been turned down or continue to be waiting for an answer? Can you still take benefit of this aggressive loan modification plan? Here are some answers to your questions that will help get the lower mortgage payment you need.
One from the unique features of the Obama Federal loan modification plan is it offers a Pay for Success fund that will actually pay lenders and servicers to provide this program to their qualified borrowers. This part of the plan is made to entice previously reluctant lenders to participate more aggressively and gives more loan workouts to the millions of homeowners who want to find a way to save their home. The lenders is going to be paid to modify your loan if you qualify below these guidelines:
One time bonus to lenders/investors $1500 and $500 to servicers to change loans that are not delinquent
$1000 to servicers paid upfront for every eligible modification, and $1000 per year for up to three years if the borrower stays current
However, no payments is going to be made under the program unless the lender/investor or servicer has entered to the program agreements with the Treasury Department. This is a large incentive for your bank to participate in the Obama Federal mortgage loan modification plan-now they can get paid to offer help in order to deserving homeowners. They also agree to abide by the conventional approval guidelines and use the streamlined loan modification process to achieve a low affordable payment for qualified homeowners.
The standard guidelines are published and therefore are the same for everyone. This is good news for homeowners-learn these guidelines and then fine tune your own application so you have the best chance of approval. You can use a resource guide and software program that will help to prepare your own acceptable and accurate application. The program calculates your debt ratio, target payment, disposable income along with other triggers for approval. This really takes the guesswork from the process and helps ensure you have the best possibility of success.
What does all this mean for you? Nicely, even if you have been turned down by your own lender before, or your bank was not offering financing workout program, you should find out if they are actually participating in this program. Most lenders will be offering this plan to their qualified borrowers as they now have the us government offering them cash to participate. You can contact your lender or servicer and get them if they are offering the Obama Federal mortgage loan modification plan. If they are, then they are required to consider you for eligibility-even for those who have applied for other programs before.
Don't give up however! The is a second chance for many borrowers to find the low monthly payment they need to stay in their house. Make sure you know what the approval requirements tend to be, how to meet those guidelines and complete your software paperwork properly. Help is finally available-if you know ways to get it. Don't miss out on your share of the $75 billion dollars set aside to help homeowners exactly like you.
Get the help you need to prepare your own accurate and acceptable mortgage loan modification application. The Complete Loan Modification Guide kit is the very best selling do-it-yourself system that takes the guess work from preparing your financial statement, hardship letter and all from the required forms your lender needs. You get an simple to use software program-Loan Mod Quick App-as well as an clear to see handbook with step by step directions. Why take chances together with your application? Simply input your unique financial information into the Loan modification Quick App and it calculates it all for a person! It couldn't be easier! Visit loan modification to purchase today.