Federal Plan

HAMP is being expanded again with a new option for loan modifications featuring principal reductions.  The federal loan workout plan has been updated several times in an effort to become more effective and reach more homeowners facing foreclosure. This latest program addition is aimed at restoring some equity to those borrowers who are not motivated to keep their home due to drastic home value reductions.

HAMP is the federally sponsored loan modification plan that has been up and running for almost 2 years now, but unfortunately has not seen the success that the Treasury Department had hoped for.  A few months ago, the application process was streamlined in order to make applying and qualifying much easier and faster.  Now borrowers only have to provide minimal documentation, and can expect an answer much quicker.  The goal is to provide a solution to those borrowers facing financial hardship within 30 days of applying.

Know the Guidelines

The latest HAMP loan modification program enhancement is called PRA-Principal Reduction Alternative.  This new option will provide lenders and servicers with a standard method of considering and offering loan balance reduction to their borrowers that meet certain criteria.  Participating lenders will be reimbursed for a portion of their loss fund the $75 billion stimulus fund.

Struggling homeowners need to take advantage of these government sponsored plans and learn just what it takes to apply and qualify for assistance.  HAMP features a standard approval formula, and borrowers can learn and use this very same formula to prepare and submit an accurate and acceptable application to their lenders-and have a much better chance of approval.

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