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There has been a directive issued to mortgage lenders by president Obama to speed up review process for mortgage modification under Home Affordable Modification Program, often referred to as HAMP. In times where every day counts, with homeowners struggling to avoid foreclosure, many banks seem to take too much time to review applications. With more and more online services emerging, offering assistance with paperwork and providing expertise to homeowners unfamiliar with the process, finding help with HAMP has become way easier for many people.
The Banks Are Found Guilty Of HAMP Failures
Independent studies have shown that the reason for most of failures under HAMP program, that have drastically increased recently, was an excessive amount of time it took lenders to process and approve applications that had all chances of approval, since they met all the requirements of the program. Some homeowners claimed that their mortgage lenders did not offer loan modification under HAMP. Other families complained about amount of time it took their lender to approve their request. As a result, many foreclosures took place that could have been easily avoided should timely action on the part of lenders be made.
Free Assistance Is Available
With too many people unfamiliar with all details of HAMP, it is strongly advised to everybody to get a free consultation. It would clear all uncertainties, establish eligibility grounds, and explain steps to be taken by a homeowner based on individual circumstances. Once again, consultations are available to everyone who needs professional assistance and guidance through the process. Needless to say that such help is crucial in preparation of a successful modification application. It is always a smart move to have an experienced professional on your side, having needed knowledge, to push your application through.
Government Enforcement Is In Place, Ensuring Speedy Reviews
There have been some restrictions endorsed by president Obama to ensure loan modification applications are processed in an expedited manner. Under such, a final determination of approval or denial should be made by a mortgage lender within 30 days of application receipt. Below are some recent highlights of new regulations:
1) Your lender must acknowledge a receipt of your application, informing you in writing within 10 days of application receipt.
2) A decision whether your mortgage modification request is approved or denied should be made by a lender within 30 days following the receipt of completed application, or less.
3) Qualified borrowers should get a three month trial period, at the end of which their modification should become permanent.
4) In case of application denial, additional options should be presented to homeowners aiming to avoid the foreclosure.
Remember: a free loan modification consultation along with professional help of the industry experts could raise your chances of getting your application approved, thus helping you to avoid the hassles associated with losing your home.
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