| Homeowners can get an answer to their loan | | | | Modification. |
| modification in just 30 days when they follow the | | | | HAMP Step #4: After completion of the trial period, |
| procedure for Obama's HAMP option. The Home | | | | the loan modification will be made permanent. No |
| Affordable Modification Plan is designed to save | | | | further review or documentation will be required. |
| borrowers from foreclosure by providing a low | | | | Obama's HAMP approval guidelines are simple-you |
| affordable mortgage payment to qualified borrowers. | | | | must be able to meet a debt ratio and target |
| The secret to a fast approval? Follow these 4 simple | | | | payment calculation based on your gross monthly |
| steps: | | | | income and loan amount. If your financial statement |
| HAMP Step #1: You must specifically ask for Home | | | | figures prove that you fit into that criteria, then you |
| Affordable Modification Plan. The government states | | | | have a good chance of getting a loan modification. It |
| that every homeowner who asks for consideration | | | | is critical to be certain that your application is |
| must be reviewed. Your request will be | | | | prepared correctly the first time or you could miss |
| acknowledged within 10 days by your lender or | | | | out on your chance. |
| servicer. | | | | Many homeowners are confused about exactly how |
| HAMP Step #2: Prepare and submit a complete and | | | | to figure their own debt ratio, target payment and |
| accurate loan modification package. This includes a | | | | are not sure they are preparing their application |
| detailed accounting of your household income and | | | | correctly. If you feel you need help, then you may |
| expenses, proof of your income (pay check stubs, | | | | want to use a software program designed specifically |
| tax returns) a Hardship Letter and signed 4506T | | | | to help borrowers prepare their paperwork. The Loan |
| form. | | | | Mod Quick APP will automatically calculate your debt |
| Step #3: Within 30 days of receiving your complete | | | | ratio, target payment, new loan terms and let you |
| loan modification application, a decision will be made | | | | know immediately if you may need to make any |
| on whether you meet the approval requirements and | | | | adjustments to your financial statement in order to |
| then you will be placed on a 3 month Trial | | | | qualify. |