| There has been a directive issued to mortgage | | | | guidance through the process. Needless to say that |
| lenders by president Obama to speed up review | | | | such help is crucial in preparation of a successful |
| process for mortgage modification under Home | | | | modification application. It is always a smart move to |
| Affordable Modification Program, often referred to as | | | | have an experienced professional on your side, having |
| HAMP. In times where every day counts, with | | | | needed knowledge, to push your application through. |
| homeowners struggling to avoid foreclosure, many | | | | Government Enforcement Is In Place, Ensuring Speedy |
| banks seem to take too much time to review | | | | Reviews |
| applications. With more and more online services | | | | There have been some restrictions endorsed by |
| emerging, offering assistance with paperwork and | | | | president Obama to ensure loan modification |
| providing expertise to homeowners unfamiliar with the | | | | applications are processed in an expedited manner. |
| process, finding help with HAMP has become way | | | | Under such, a final determination of approval or denial |
| easier for many people. | | | | should be made by a mortgage lender within 30 days |
| The Banks Are Found Guilty Of HAMP Failures | | | | of application receipt. Below are some recent highlights |
| Independent studies have shown that the reason for | | | | of new regulations: |
| most of failures under HAMP program, that have | | | | 1) Your lender must acknowledge a receipt of your |
| drastically increased recently, was an excessive | | | | application, informing you in writing within 10 days of |
| amount of time it took lenders to process and approve | | | | application receipt. |
| applications that had all chances of approval, since | | | | 2) A decision whether your mortgage modification |
| they met all the requirements of the program. Some | | | | request is approved or denied should be made by a |
| homeowners claimed that their mortgage lenders did | | | | lender within 30 days following the receipt of |
| not offer loan modification under HAMP. Other families | | | | completed application, or less. |
| complained about amount of time it took their lender to | | | | 3) Qualified borrowers should get a three month trial |
| approve their request. As a result, many foreclosures | | | | period, at the end of which their modification should |
| took place that could have been easily avoided should | | | | become permanent. |
| timely action on the part of lenders be made. | | | | 4) In case of application denial, additional options should |
| Free Assistance Is Available | | | | be presented to homeowners aiming to avoid the |
| With too many people unfamiliar with all details of | | | | foreclosure. |
| HAMP, it is strongly advised to everybody to get a | | | | Remember: a free loan modification consultation along |
| free consultation. It would clear all uncertainties, | | | | with professional help of the industry experts could |
| establish eligibility grounds, and explain steps to be | | | | raise your chances of getting your application |
| taken by a homeowner based on individual | | | | approved, thus helping you to avoid the hassles |
| circumstances. Once again, consultations are available | | | | associated with losing your home. |
| to everyone who needs professional assistance and | | | | |