Frustrated with long delays and homeowners getting the run-around, the Fed has issued guidelines for responding to homeowners in need within a mandated time frame. Banks have been dragging their feet, losing paperwork, requiring homeowners to resubmit over and over again, while months go by with no answers or assistance. However, banks have to now respond to applicants within 30 days as long as you follow the required guidelines. Learn more and get your answer quickly.
Mortgage loan modification requests must be acknowledged within 14 days by banks participating in HAMP. That is the federal plan that offers interest rate reductions down to as low as 2% and offers struggling homeowners an affordable mortgage payment. Homeowners must be able to meet the mandated approval guidelines-these are standard for everyone-so it just makes sense to learn those and then use them to complete your financial statements correctly.
When your bank receives a complete mortgage loan modification package from you, they must give you an answer within 30 days. So, it is up to you to make sure that you have prepared your forms correctly and provided the bank with everything they need. You can learn the very same formula the bank uses to qualify you, and then follow a document checklist to be sure that you have submitted everything required.
If you are not sure how to correctly prepare your financial statement or how to figure your debt ratio, target payment or asset ratio, then you can use a software program designed to help you complete your forms. Simply input your own income, monthly expenses and assets, and all the calculations are done automatically for you. See immediately if you need to make any adjustments to your budget in order to qualify.
You can get an answer to your home loan modification if you prepare your forms correctly and send in a complete package. This is your chance to get help, take the time to learn and prepare properly. Use resource materials and tools so that you get it right the first time.
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