Easy Approval with the New HAMP Guidelines!
The new home affordable program guidelines will now permit more homeowners to qualify for the HAMP loan modification plan and help them to save their home from foreclosures.
It’s Great news for the struggling homeowners who are trying hard to get approval for the HAMP loan modification plan. New guidelines are reviewed by the Obama government. The more number of foreclosures have spurred the Obama government to refurbish the plan in hope of getting more permanent loan modification. HAMP originally aimed to help nearly 4 million of homeowners but it failed and thus Obama government has revamped the plan. Loansstore can help you to know about the new guidelines and get approval for the government mortgage loan modification.
The new home affordable modification program guidelines include:
- Relaxed requirement for the income proof
- Lender/servicer documentation requirements
- Allowable income sources
This is great news for all the struggling homeowners because now their banks will not have to struggle to get the Treasury department to approve the permanent loan modification. With this new plan, the borrower has to submit less paperwork and this will speed up the complete home loan modification plan approval process. The older guidelines were difficult for the homeowners to qualify and get approved and thus this new plan has been designed. The housing economy is suffering because the increase in number of foreclosures and thus the Obama government has enacted new approval guidelines. This will permit more homeowners to get a low mortgage payment and save their home from foreclosure.
Those homeowners who have applied previously and had been turned down for loan modification program or HAMP will now be able to re-apply under these new guidelines. But one should take note that he should still fit in the standard guidelines which includes the right amount of monthly income, expense and bank balances. Only those borrowers who meet the standard qualification are permitted further for workout. Thus all homeowners should prepare and submit accurate application.
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