HAMP Loan Modification Approval in Just 30 Days - How It's Done

Homeowners can stop wasting time and actually getpaycheck stubs, a signed 4506T form and a hardship
an answer to their HAMP loan modification in just 30letter.
days by following the federal procedure. Most3. Lenders must provide an answer-either the
borrowers have experienced the frustration ofhomeowner qualifies or not-within 30 days of
dealing with banks who have been less than helpfulreceiving a complete loan modification application
to applicants, and have faced months of months ofpackage.
delays while trying to hold off foreclosure.4. If approved, the borrower will be given a 3 month
The HAMP application procedure is streamlined sotrial payment, and upon completing all 3 payments on
that now when a borrower applies for a loantime the workout will become permanent. No more
workout their application will be reviewed quickly andre-applying or updating of information.
an answer provided within a prescribed time frame.5. If the homeowner does not qualify or defaults
However, the homeowner must follow these steps induring the trial period, other options may be
order to ensure a rapid and positive response:offered-short sale or deed in lieu of foreclosure. So, it
is possible to get your answer within just 30
1. Within 10 days of receiving a request fordays-but it is the homeowners responsibility to make
consideration of a loan modification, lenders willcertain that their paperwork is accurate, acceptable
acknowledge the request and provide theand complete. If an application is missing documents
homeowner with application instructions.or filled out incorrectly, the the homeowner must
2. Homeowners must complete their financialprovide the requested information within the due
statement correctly, provide 2 most recentdate or risk losing their chance at a loan modification.