HAMP loan modification program
This could be good news for homeowners who have applied for a HAMP loan modification program with Bank of America. Some time back the federal government had issued new rules and regulations for speeding up the entire review as well as approval process for mortgage modification requests filed by struggling borrowers. In accordance with it, Bank of America has now implemented the new procedure which is less complex than the previous one.
This could be good news for homeowners who have applied for a HAMP loan modification with Bank of America. Some time back the federal government had issued new rules and regulations for speeding up the entire review as well as approval process for mortgage modification requests filed by struggling borrowers. In accordance with it, Bank of America has now implemented the new procedure which is less complex than the previous one. Distressed homeowners who have faced a denial earlier as also those that have already applied for a Bank of America loan modification program and awaiting a reply from the bank, need to thoroughly understand the new procedure. This could enable them to obtain a loan workout much quickly and easily. Here is some crucial information pertaining to the updated process which could guide you in your endeavor.
Bank of America has revised and totally streamlined the application and approval procedure which is required for the home affordable modification program (HAMP). The new process for the Obama Loan Modification Programs is mentioned below.
- Once a borrower files a HAMP mortgage modification request with BoA, he would get an acknowledgement from the bank within 10 days of having received it. At the same time, the borrower would also receive a package for necessary application documents.
- To complete the paperwork, borrowers are now just required to furnish an affidavit of financial hardships, financial statement
for monthly income and expenses, copies of two recent pay stubs and a duly signed 4506T form. - After the applicant has submitted a completely filled loan modification application package, the bank would review it within 30 days of receipt and convey its decision on Home Affordable Modification Program qualification to the borrower.
- In case, few documents are either lost or missing, the homeowner would be notified to provide them with 14 days.
- If a borrower qualifies for the HAMP, he would be provided a trial loan modification. But he needs to maintain regularity in paying the 3 modified monthly mortgage payments. If this is the case, then the mortgage modification request would automatically qualify for a permanent modification.
- If Bank of America is not ready to grant a loan modification agreement on account of the borrower's financial statement or any other document that is furnished along with the mortgage modification request, the borrower would be provided another alternative such as short sale under Home Affordable Foreclosure Alternatives or even deed-in-lieu of home foreclosure.
To improve your chances of getting a HAMP home mortgage modification plan, it is important for you to furnish correct and accurate paperwork. That is precisely the reason why you need to take advantage of expert help available online.
Hence, to get more useful information on President Obama's "Making Home Affordable Program", it is hereby recommended to utilize the professional services offered by reputed online service providers like LoansStore.
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