http://myloanmodificationcenter.com/blog/countrywide-loan-modification-with-hamp-approval-tips-to-know/ The Complete Loan Modification Guide Fri, 10 Feb 2012 14:43:42 +0000 hourly 1 http://wordpress.org/?v=3.0 http://myloanmodificationcenter.com/blog/countrywide-loan-modification-with-hamp-approval-tips-to-know/#comment-1667 admin Tue, 09 Feb 2010 17:29:23 +0000 http://myloanmodificationcenter.com/blog/?p=1487#comment-1667 The fed has changed the way lenders are to implement HAMP-no more handing out trial loan modifications and then deciding if the borrower qualifies later. Now, lenders must review and either approve or deny a homeowner within 30 days. If the borrower qualifies, then they are put on a 3 month trial modification, once all those payments are made on time then the modification becomes permanent. If a homeowner does not qualify for a loan modification, then they will be offered HAFA-Home Affordable Foreclosure Alternatives which is a streamlined Short Sale process. The good thing about this plan is that the lender cannot pursue a deficiency balance judgment against the homeowner and $1500 is paid to the homeowner for moving expenses. So, it is more important than ever to make certain you complete your loan modification application correctly-you are only going to get one shot now-use the Loan Mod Quick App software to avoid mistakes. This is included in The Complete Loan Modification Guide kit and automatically calculates your debt ratio, new target payment, new interest rate, and disposable income. You will see immediately if you need to fine tune your budget to meet the approval guidelines. Remember, your lender will base their decision on your financial statement, so make sure you do it right. www.myloanmodificationcenter.com The fed has changed the way lenders are to implement HAMP-no more handing out trial loan modifications and then deciding if the borrower qualifies later. Now, lenders must review and either approve or deny a homeowner within 30 days. If the borrower qualifies, then they are put on a 3 month trial modification, once all those payments are made on time then the modification becomes permanent.
If a homeowner does not qualify for a loan modification, then they will be offered HAFA-Home Affordable Foreclosure Alternatives which is a streamlined Short Sale process. The good thing about this plan is that the lender cannot pursue a deficiency balance judgment against the homeowner and $1500 is paid to the homeowner for moving expenses.
So, it is more important than ever to make certain you complete your loan modification application correctly-you are only going to get one shot now-use the Loan Mod Quick App software to avoid mistakes. This is included in The Complete Loan Modification Guide kit and automatically calculates your debt ratio, new target payment, new interest rate, and disposable income. You will see immediately if you need to fine tune your budget to meet the approval guidelines. Remember, your lender will base their decision on your financial statement, so make sure you do it right.
http://www.myloanmodificationcenter.com

]]> http://myloanmodificationcenter.com/blog/countrywide-loan-modification-with-hamp-approval-tips-to-know/#comment-1567 Obama’s Loan Modification Program a Bust So Far – Less than 1% of Applicants Get Relief | The Chicago 77 Tue, 26 Jan 2010 22:47:34 +0000 http://myloanmodificationcenter.com/blog/?p=1487#comment-1567 [...] loan modifications among lenders. The Treasury Department was to spend $75 Billion for these loan modifications. So far 760,000 mortgage holders have been applied for modifications, but only 31,000 homeowners, [...] [...] loan modifications among lenders. The Treasury Department was to spend $75 Billion for these loan modifications. So far 760,000 mortgage holders have been applied for modifications, but only 31,000 homeowners, [...]

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