How Does a Loan Modification Work Under the 2010 HAMP Program? Learn the Short Cut to Approval!

The federal plan designed to keep borrowers in their homes is called HAMP- for Home Affordable Modification Plan. This program has been active for over a year now, however far fewer homeowners have been helped than the government had hoped for. There is still over $70 billion dollars in stimulus money set aside to assist banks and borrowers modify their loans. Now, there is a simplified application process that will speed up the application and approval process, as well as get help to more homeowners who are at risk of losing their homes.

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How does a loan modification work under the 2010 HAMP guidelines? Well, if you follow these tips to apply, you will be able to increase your chances and potentially get your answer within just 30 days. This is the short cut to a loan workout that the Treasury Department has recently implemented-and borrowers need to know how to take advantage of this new procedure.

2010 HAMP Loan Modification Short Cut:

Complete the RMA-Request for Modification & Affidavit -this includes a financial statement that outlines your monthly income and monthly debts. This must be prepared correctly in order to meet the federal guidelines for debt ratio, asset ratio, target payment and other important calculations. If you are not sure how to complete this, you may want to use a software program designed for homeowners that will do all the calculations for you. Provide 30 days of paycheck stubs, or if self employed, a year to date Profit & Loss statement. Sign a 4506T form-this is included in The Complete Loan Modification Guide kit Compose an effective Hardship Letter explaining why you need a loan workout-be sure to include important "trigger phrases"-for example "using savings and reserves to pay bills" Learn more about how to write a great letter and see samples in The Complete Loan Modification Guide Kit. Send in a complete and accurate package to your lender. The 2010 HAMP guidelines state that banks must respond with an answer within 30 days of receipt of a request for loan workout-as long as the package is complete.

The secret to getting your HAMP loan modification quickly is to be able to prepare and submit your application so that it proves you meet the guidelines for acceptance. The truth is you can do this yourself-you do not have to pay someone thousands of dollars-that is a waste of money. Homeowners can use a software program that will do all the pertinent calculations automatically. The HAMP application can be fine tuned before submitted to increase the chances of success.

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