Just Find Out Why You Need To Reapply For HAMP Loan Modification Plan

Aug. 13, 2010 - PRLog -- If you are determined to save your home, all that you need to do is reapply for the federal plan with all the necessary corrections.

If the financial hardships are not properly documented or if one or more of the outlined Obama stimulus plan guidelines are not met, you are likely to be disapproved. That’s precisely the reason why you need to reapply for the HAMP loan modification process all over again as you still stand the chance to qualify.

Remember if you can be eligible for the Home Affordable Modification Program, you could be guaranteed any or all of the following 3 alternatives.

  1. Extension of the loan duration.
  2. Reduction in rate of interest.
  3. Forgiveness or deference of the loan principal.

Fill Up Small Application form to Reapply for HAMP Loan Modification: [ http://www.obama-loanmodifications.com/loan-modification-application.php ]

So prepare a monthly financial budget well in advance and submit it to the lender along with the application once again.

As per the Federal Home Affordable Modification Program guidelines, in order to qualify for the federal plan, borrowers are required to determine the financial hardships faced by them. To this effect borrowers should prepare a “Hardship Affidavit” which needs to describe one or more of the following hardships.

  1. Reduction or loss of income on account of unemployment, lessened job hours, reduced pay or decline in monthly income because of dwindling business earnings.
  2. Change in financial situation at home due to death of family member, chronic disease, permanent or short term disability, adoption of a child, etc.
  3. An increase in monthly mortgage payments because of ARMs.
  4. Rise in expenses such as hospitalization, uninsured losses due to natural disasters, unforeseen increase in utility bills, etc.
  5. Paucity of cash reserves to meet the existing monthly home mortgage loan payments.
  6. Excessive credit card debts or debt on account of home equity loan to get rid of unsecured dues.

In case you are already facing a home foreclosure, it is important for you not to leave your house or else you could get disqualified for HAMP. If you have moved out prematurely, try to get back in. Furthermore, if you are current in paying your mortgage installments, your chances of getting qualified for the HAMP are considerable enhanced. If you are still unable to qualify for HAMP, you can consider applying for the Home Affordable Refinance Program (HARP).

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To get more information, expert guidance and active assistance in preparing documentation to be submitted along with the home mortgage loan modification or refinance applications under HAMP or HARP programs, it is recommended to utilized the professional services of reputed online service providers like Obama-loanmodifications.com