Federal Plan

If you have been frustrated and confused about how to get an answer on your request for a loan modification under the HAMP guidelines with the federal plan, then before you contact your bank make certain that you understand the 2010 updates.  The new revised procedure for applying for a loan modification allows for response from banks within 30 days of correctly submitting your application.

The HAMP loan modification update for 2010 has streamlined the application process and made it much simpler to apply and to qualify homeowners quickly.  Lenders complained that the Fed required too much paperwork from borrowers, so now there is less documentation required to be submitted for review of eligibility.

Here is the basic HAMP 2010 update:

1. Upon request for a loan modification, the homeowners request will be acknowledged within 10 days and an application package mailed out for completion.
2. Homeowners will be asked to prepare a financial statement, provide paycheck stubs, a signed 4506t form, and a hardship letter.
3. Upon receipt of a correct and complete application package, a decision will be made as to whether the borrower qualifies for a loan workout, and within 30 days the homeowner will be notified of the decision.
4. If approved for HAMP, the borrower will be put on a 3 month trial modification, at the successful completion of the trial period the modification will be made permanent automatically.
5. If declined for a loan workout, then other options may be offered, such as a HAFA short sale or deed in lieu of foreclosure.

It is critical that homeowners understand how to prepare their financial statement correctly so that they

Know the Guidelines

have the best chance of fitting into the 2010 HAMP guidelines.  There is a mathematical equation that lenders use to qualify homeowners that is standard.  Use this formula on your own application so that you know you fit into the guidelines and will qualify for some help.

If you are not sure how to figure your budget, including debt ratio, new target payment, asset ratio, and the other 5 triggers for approval, then you may want to use a software program that will do all these calculations for you automatically.  You can save a lot of time and avoid mistakes by using this program, and give yourself the best chance of approval too.

Does all the calculations for you!

Not sure how to qualify for a HAMP loan modification? Loan Mod Quick App software takes the confusion out of preparing your application. This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you. 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! You can save hours of time and avoid costly mistakes. The Complete Loan Modification Guide kit is the

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best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate