Instant Approval for the HAMP Affordable Home Loan Modification Program

Getting a home affordable modification program approval is a way out for the homeowners to lower the monthly payments to an affordable level which would be extremely helpful if a person is suffering from a financial hardship which is a difficult time for one to pay the amount fully.

The Obama home affordable modification program helps countless number of homeowners who are facing foreclosure and trying to save their homes. Banks, servicers and the lenders have various qualification needs for their in-house programs but the HAMP program has general eligibility guidelines which are set by the treasury department.

HAMP Affordable Home Loan Modification Program guidelines are as below:

• The loan should be taken prior to January 1st 2009.
• The property should be the resident of the person.
• The complete mortgage balance should be below $729,500.
• The homeowner should be able to prove his financial hardship
• The total household income, tax documents and the expense documents should be provided.

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HAMP Approval Guidelines:
The following steps can help you to get an approval in 30 days when you file for the HAMP loan modification program:

• Determine your target payment using the program guidelines
• Compute your debt ratio so that you fit with the approval criteria and can meet the target payment
• Adjust your financial statement and budget to show the correct amount of disposable income with new target payment submit a complete and accurate proposal package

In addition to the standard Federal home loan modification guidelines, many lenders have their own guidelines for their in house programs and each lender, bank and the servicer may differ from the other. The general loan mod guidelines are of the in house programs are available on the websites along with the checklist and forms.

If anyone wants to get information regarding the Making home affordable modification program than he should try to get the phone number of the lenders home preservation department. One should not try to get the loan mod information from the collection department because their main job is collection. One should also not be afraid to ask the questions about the programs, any doubts should be cleared from the Home affordable modification program lenders.