Obama is fed up with Citimortgage taking months and months to review HAMP loan modification applications while homeowners struggle to hold onto their homes. The dismal success rate for loan workouts using the federal program has meant that the vast majority of borrowers have not been helped using the government backed home rescue plan. This is going to change as Obama has now mandated timelines and revised approval processes that lenders will be following.
Loan modification help under HAMP will now be determined within 30 days of Citimortgage receiving a homeowners complete application. Here is the basic timeline that the Fed announced needs to be implemented immediately:
- Written confirmation of receipt of loan modification request within 10 days
- Approval or denial for loan modification within 30 days of receipt of homeowners complete application
- 3 month Trial Modification given to qualified borrowers and at the end of the trial the modification will become permanent automatically.
- If denied a loan workout, homeowners will be offered another option such as short sale, deed in lieu or other exit strategy.
This is good news for thousands of homeowners who have been getting the run around from Citimortgage-sending and resending the same information over and over again, or being told they are approved one day and then the next week being told they do not qualify. This also means that homeowners will only have one chance to apply-so it is very important to prepare and accurate and acceptable loan modification application the first time.
This also means that it is critical to make certain your Citimortgage loan modification application is prepared correctly the first time. Remember, there are standard approval guidelines that must be met and your application will be reviewed carefully to determine if you qualify. If you send in the wrong information or do make necessary adjustments to your monthly budget before Citimortgage reviews it, you could risk denial. Thankfully, there is a formula that you can use to fine tune your budget and make certain that you fit into the approval guidelines.
If you are confused about how to figure your debt ratio, target payment, disposable income or the other qualifying triggers, take advantage of a great tool designed to help homeowners with their loan modification application. The Loan Mod Quick App software mimics the approval guidelines and is so easy to use that all the calculations will be done for you automatically. Simply input your own monthly income and monthly expenses and you will see immediately if you need to make any adjustments to your budget in order to qualify. You can avoid mistakes and save hours of frustration.
Get the help you need to prepare your own accurate and acceptable Citimortgage loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.