Even though it would seem as though the worst of the financial crisis is over, there are however millions of people who have not recovered yet and as such are struggling to meet their commitments. Because of this, numerous incentives are in place to encourage various markets to assist individuals till they have completely recovered.
The property market is no different and U.S. President Barack Obama has introduced the Home Affordable Modification Program (HAMP). The plan of the initiative is to make repaying their mortgages simpler to those who are struggling, by decreasing the monthly payments which they have to make.
Home Affordable Modification ProgramHomeowners can find that their required monthly payments are decreased to 31% of their pre-tax income, even less in few cases. This modification in payments could only be accepted if the modification equals net more value than foreclosing would.
Once you are evaluated for the Home Affordable Modification Program and are not approved for the Trial Payment Plan, you must have a trial prior to being approved for the Permanent HAMP modification, your servicer is now required to advise both you and either Fannie Mae or Freddie Mac what the outcome is of your evaluation whether you are approved or not, for the trial plan or the permanent modification and if denied must provide you with the appropriate notice explaining the reason for the denial to be in compliance with the program rules.
Any notice other than of the Notice of Incomplete Information, must be mailed within10 business days after servicer's disposition date notifying you that they are not approving you for either the Trial Plan or permanent Home Affordable Modification Program HAMP. The servicer must send you the notice via mail unless you have previously agreed to have it sent via email.
The result of denying homeowners after they have entered into the trial plan is devastating. Since a reduced monthly mortgage payment has been made under the trial plan (usually three to four months), the homeowner is now further in debt than they were to start with. Some homeowners got so far behind by following the trial plan that the mortgage servicer actually foreclosed on the very home they were supposed to be helping the homeowner save.
Ask them what income they used, how they calculated it, verify all of the figures. Make sure you were not denied for required forms not being received. Once you know the reasons for your denial it will be easier for you to fix the issues and reapply for the program. You have the right to know why you were denied, and if you have changes to your circumstances you have the right to reapply if you were previously denied. Many times mistakes are made so fight for your rights.
Anna Cuevas http://www.askaloanmodguru.com Consumer Advocate/Expert Trainer for Mindset to empower YOU to modify your loan!
Proven Record of Achievement: Modified over 120+ loans including Sale Reversals. Real Expert advice from someone who has actually personally modified loans with just about every lender.
The property market is no different and U.S. President Barack Obama has introduced the Home Affordable Modification Program (HAMP). The plan of the initiative is to make repaying their mortgages simpler to those who are struggling, by decreasing the monthly payments which they have to make.
Home Affordable Modification ProgramHomeowners can find that their required monthly payments are decreased to 31% of their pre-tax income, even less in few cases. This modification in payments could only be accepted if the modification equals net more value than foreclosing would.
Once you are evaluated for the Home Affordable Modification Program and are not approved for the Trial Payment Plan, you must have a trial prior to being approved for the Permanent HAMP modification, your servicer is now required to advise both you and either Fannie Mae or Freddie Mac what the outcome is of your evaluation whether you are approved or not, for the trial plan or the permanent modification and if denied must provide you with the appropriate notice explaining the reason for the denial to be in compliance with the program rules.
Any notice other than of the Notice of Incomplete Information, must be mailed within10 business days after servicer's disposition date notifying you that they are not approving you for either the Trial Plan or permanent Home Affordable Modification Program HAMP. The servicer must send you the notice via mail unless you have previously agreed to have it sent via email.
The result of denying homeowners after they have entered into the trial plan is devastating. Since a reduced monthly mortgage payment has been made under the trial plan (usually three to four months), the homeowner is now further in debt than they were to start with. Some homeowners got so far behind by following the trial plan that the mortgage servicer actually foreclosed on the very home they were supposed to be helping the homeowner save.
Ask them what income they used, how they calculated it, verify all of the figures. Make sure you were not denied for required forms not being received. Once you know the reasons for your denial it will be easier for you to fix the issues and reapply for the program. You have the right to know why you were denied, and if you have changes to your circumstances you have the right to reapply if you were previously denied. Many times mistakes are made so fight for your rights.
Anna Cuevas http://www.askaloanmodguru.com Consumer Advocate/Expert Trainer for Mindset to empower YOU to modify your loan!
Proven Record of Achievement: Modified over 120+ loans including Sale Reversals. Real Expert advice from someone who has actually personally modified loans with just about every lender.
