| Almost 1 million homeowners have been approved | | | | you fit into the debt ratio, target payment and |
| for a loan modification with their lender-but the sad | | | | disposable income formula for approval. If you need |
| fact is that millions of unfortunate borrowers have | | | | help with these important calculations, use a software |
| been denied the help they need and face losing their | | | | program designed to do all the fine tuning for you. |
| home. Why are come borrowers approved and many | | | | 3. Once you have all of your application paperwork |
| others are denied? Learn the 4 steps that will help | | | | together, call you lender and ask to be considered |
| you increase your chances of getting a loan workout | | | | for HAMP. Explain that you are experiencing financial |
| and the affordable mortgage you need. | | | | difficulties and need a loan workout. |
| 4 Steps to Loan Modification Success: | | | | 4. Use a contact log to note every bit of |
| | | | correspondence you have with the lender-this is how |
| 1. Know how to use the HAMP formula for | | | | you keep track of your progress and also how you |
| approval-that's right-there is a standard, mathematical | | | | document your efforts to work with your lender. Call |
| formula that lenders use to determine which | | | | at least once a week to keep your file moving |
| borrowers qualify for this government loan workout | | | | through the system quickly. |
| plan. It just makes sense to use this formula when | | | | Loan modification success does not happen by |
| you prepare your application. | | | | chance-most borrowers who are helped are those |
| 2. Prepare your application package ahead of time-do | | | | who prepared an accurate and acceptable application. |
| not call your lender until you are fully prepared. This | | | | You do not have to try to figure it out by yourself, |
| means you have gathered all of your income | | | | or guess at how to do the calculations used by your |
| documents like paycheck stubs, W2's, bank | | | | lender. Take advantage of a software program to |
| statements and all of your monthly bills. You have | | | | avoid mistakes and make certain that you adjusted |
| completed your financial statement using your | | | | your budget so you have the best chance of |
| monthly income and expense information, and then | | | | approval. |
| made any necessary adjustments to make certain | | | | |