Find best loan modifications programs

Alexander William has said," It's a good opportunity for distressed homeowners to avail  the federal  loan  modification  program  making  it much easier for homeowners to seek modification of their mortgages and save their home while adjusting and discharging other debts in a single proceeding. "
 
If you are a homeowner struggling to pay your mortgage payments, Obama's
Federal Loan Modificationprogram sounds like a great way to get your finances back on track. However, before you begin any negotiations to modify your loan, you need to be aware that this plan has a very low success rate. Only about 10% of those who attempt to receive loan modifications under the program are successful. Although the $75 billion allotted to the federal loan modification program is supposed to help people facing foreclosure, the truth is that people who have applied for the program have found it to be extremely difficult to get through the application process. The main problem seems to be the amount of paperwork that is required in order to apply. You can improve your changes of obtaining a successful Federal Loan Modification by getting some help. Although it can be expensive to hire a lawyer, there is a lot of paperwork involved in the federal  loan modification process. Find a lawyer who has experience working on loan modifications, and be sure to ask for refer
ences from satisfied customers.
 
Another option is to hire a loan modification company. Be careful with this; there are many fraudulent businesses that will take you money and do nothing to help you get your loan modification. There are always people looking to take advantage of others, and loan modification scams have become quite common. Make sure you check out the company with the Better Business Bureau and do a little research online to see whether their customers seem to be happy with the service they received.
When you get professional help pursuing your loan modification, you improve your chances of success. Consider the cost of a loan modification company or lawyer as an investment in your future. If the modification is successful, you will save a lot more on your mortgage in the long run than it costs to hire someone to help you through the process.
The   home  Affordable  modification  Plan  procedure  makes  it  mandatory   for  all  mortgage  modification applicants to satisfy certain federal guidelines or Making Home Affordable Program Guidelines. In order to get an instant reply from your existing lender you need to follow a process which is  as given by: Contact your lender and ask him to be considered for a loan modification under HAMP with a formal request. You could receive an acknowledgement for your request within 10 days along with a proposed package. Your loan modification application needs to be correct and accurate and it should be evident that you meet the guidelines of the HAMP. So if you are applying for the Bank of America Loan Modification Program, once you receive the receipt, it is important for you to dispatch the application along with the legal documents such as copies of paystubs, income tax returns, letter of hardships, etc.  The lender reviews the applic
ation and in case the documentation is incomplete, the lender could serve a notice for incomplete documents.Homeowners would be notified whether they are eligible for the government plan or not, depending upon the completeness, accuracy and acceptability of the package sent by you within 30 days of your submitting the application.If approved for a loan modification, borrowers are put on to a trial modification and on successful completion of this period, permanent modification could be granted.If you are not eligible for the Obama loan modification program, you could be offered the Home Affordable Foreclosure Alternative (HAFA) which outlines a streamlined short sale process which permits a $3,000 transition fee which is required to be paid to the homeowner.

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