How Can I Get A Loan Modification Approved Under The Obama Plan ?

Oct. 2, 2012 - PRLog -- Things can be difficult for those who think, “How can I get a loan modification?” The federal government implemented a plan to help homeowners overcome the existing level of their mortgage debts. One of the alternatives offered under the program was the home affordable modification program HAMP and the other being home affordable refinance program HARP. Initially, the federal housing schedule was supposed benefit more than 11 million distressed Americans but until 2011 not many had been able to qualify for either of the options. This prompted the Obama administration to change the qualification rules and regulations so that the plans were capable of reaching out to more number of struggling borrowers. And the results reflected the conviction of the U.S. government as tens of thousands of applications received applications in early 2012. Therefore, there could be little need to doubt that the program is not efficient.  

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How do you qualify for a loan modification?  

To be eligible to secure benefits offered by the HAMP, borrowers first need to make sure that they fit into the criteria which have been put into effect by the federal government. As per amended eligibility guidelines that apply to the revised HAMP, it could be now possible to modify home loans even for those properties which have been owned and rented. Applicants are no longer needed to be primary residents in these homes but they will need to have monthly payments that are more than 31% of their gross monthly incomes. Besides, there could be a host of property and borrower qualification requirements that are applicable to the revamped HAMP process of 2012. Borrowers just need to know these before they proceeded to fill out a HAMP application since it could help them assess their chances of qualifying for a loan workout using federal funds.    

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Some may wonder, “How many loan modifications can you get with the Obama plan?” Well, earlier, homemakers were permitted to get their mortgage loans modified only once under the government program but now, with new rules in effect, one could apply and get approved for the HAMP Tier 2 even if he has failed to stay current on HAMP trail loan modification plan granted previously. But at least 12 months should have passed after such defaults had been committed. For someone who wants to know more about the latest changes in HAMP eligibility guidelines and process requirements, help is easily available online these days. There are firms which provide guidance for assisting applicants in navigating through the HAMP procedure but still one needs to make sure that he is working with a reliable and reputable service.  

USLoanz is a leading mortgage service company in the United States which has been in active business for the past seven years or even more. Over the years the firm has helped borrowers to successfully modify or refinance their mortgages and save homes from getting foreclosed. Customers, who are interested in determining their eligibility for loan modifications, principal reductions or home refinancing, can visit its website at www.usloanz.com