| Frustrated about how your bank is handling your loan | | | | response rule. If you send in an incomplete |
| modification application and tired of waiting months | | | | application, you will be notified what is missing and |
| and months for your answer? Well, your are not | | | | you must send those items in right away. If you do |
| alone-the Federal government is fed up with the long | | | | not respond then your bank has no further obligation |
| delays and lack of organization that banks have | | | | to review you for a loan modification. |
| shown under the HAMP option for loan relief. In fact, | | | | The Fed has said that banks can no longer start |
| they are so sick and tired of the low numbers of | | | | homeowners on trial modifications while their |
| mods that have been finalized that they have | | | | paperwork is being reviewed for eligibility. So, if you |
| implemented a timeline that banks must follow so | | | | send you the right application paperwork th first |
| that homeowners get their answer quickly. | | | | time, you will be reviewed quickly and possibly an |
| How can you get a loan modification in just 30 days | | | | approval will be issued. Then you start the trial |
| with the Federal program? The guidelines are simple | | | | modification period and after 3 payments made on |
| and clear-here is what the Treasury Department is | | | | time-your modification is made permanent |
| mandating for lenders to do: | | | | AUTOMATICALLY. No more re-applying or updating |
| | | | your information with the bank over and over again. |
| 1. Banks and servicers must respond to a request for | | | | You can get a loan modification in 30 days if you |
| loan modification help within 10 days of request | | | | prepare and submit and accurate and complete |
| 2. Servicers must notify the borrower in writing of | | | | application. This means that you provide the needed |
| any missing documents in their loan modification | | | | documentation and you prepare your financial |
| application immediately | | | | statement correctly. Remember, there is an approval |
| 3. Upon receipt of a COMPLETE APPLICATION | | | | formula based on your income, debts, loan amount |
| PACKAGE, an answer must be provided to the | | | | and target payment. You can use this formula to be |
| borrower within 30 calendar days. So this means that | | | | certain that you prepare your paperwork correctly |
| it is up to the homeowner to provide a complete, | | | | the first time and then you will get your answer |
| accurate and acceptable loan modification application | | | | quickly. |
| package so that the clock is ticking on the 30 day | | | | |