Big Picture Loans Will My Lender Foreclose While I Am Applying For A Mortgage Loan Modification?
Facing foreclosure on your home and wondering if a loan modification will stop the process and help you keep your home? Once the process has begun is there anything you can do to delay the foreclosure in order to seek another solution? The Treasury Department has set up standard guidelines for just this type of situation-so you need to know what could happen and how to make certain that you take advantage of every opportunity available to save your home.
President Obama wanted to be certain that before a home goes to foreclosure the bank has explored every option to try to keep the borrower in their home. That is why under the government plan called HAMP, banks are required to delay the foreclosure while the homeowners loan modification application is being reviewed for eligibility. Although the clock keeps ticking, the home cannot be sold out from under you as long as your big picture loans tribal lending companies installment loans mod application is submitted and being reviewed. That is why it is so critical to understand what your rights are under the federal plans and just how you can take advantage of these home rescue options provided by the government.
It is critical to contact your lender as soon as possible and specifically request review for HAMP-Home Affordable Modification Plan. You will need to prepare and submit a three page application that includes your financial statement detailing your income and expenses and a hardship affidavit. This form is called a RMA-Request for Modification and Affidavit. Once you submit this form, your file will be noted and held from any further foreclosure activity until a decision is made on your big picture loans tribal loans direct lender in minnesota modification. It is very important to stay on top of the application to make certain that all the required documents have been received and that your file is in review. Of course, if your application is reviewed and it is determined that you do indeed qualify for HAMP, you will be offered a loan mod and your foreclosure will be stopped.
How can you stop foreclosure and be certain that your loan modification application has the best chance of approval? The only way to take control of the situation is to understand just what it takes to get approved for a loan workout, then prepare and submit your application correctly. You can use the very same formula that your lender will use so that you will be confident that you fit right into the guidelines for HAMP. Remember, the information you provide on your financial statement will be reviewed and a determination made based on that information-so it just makes sense to fine tune your information so that you have the best chance of success.
Susan Gregory is the author of two resource books for homeowners and real estate professionals, The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition. She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies. The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a big picture loans no credit check tribal loans mod software program that mimics the federal approval triggers for loan modification. An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications. Thousands of homeowners have been helped using these materials. Visit http://www.myloanmodificationcenter.com for more information.