Fortunately, the federal government has initiated different plans and number of incentives for homeowners. The Home Affordable Modification Program (HAMP), for instance, is something that would allow you to get eligible for lower monthly installments with loan modification. All you need to do is conclude if you get qualified for HAMP, submit an request through a loan servicer, make sure which your debt-to-income ratio is as a minimum 31% and suffer the income confirmation process and trial period.
Things to keep in mind as applying for HAMP with Bank of America
As the option to modify your loan through the making home affordable program was introduced as part of President Barack Obama's stimulus program, number of homeowners lined up to take benefit of it. The problem is that if you're applying for the program through financial institutions for instance the Bank of America, there're a lot of instances as the application get denied. What if you're before facing a foreclosure and your HAMP request through the Bank of America got starved of? This is a situation which is less-than-desirable – so as to counteract the frustrations that you might feel during the process, here are a few things that you need to keep in mind:
1. Work out a lot of patience through the application process
Did you know that there're number of homeowners who applied for the HAMP loan modification program for two to more than 5 times? At one point or an extra, their reapplication got accepted - although if you're the impatient kinds, you might not reach this point as a result of being frustrated.
What's significant is to confirm that you are aware that it is possible to turn no into a yes - only if you put your financial records so as to increase your possibility of having HAMP approved the second, third, fourth or even fifth time around.
2. Make specific that all the essential paperwork's are in sequence.
One of the most common reasons why HAMP requests get denied in the first place is that applicants don't submit all the essential formalities. To boost your chances of availing approved, make specific to submit all the necessities needed for the income confirmation procedure.
3. Shoot up your application from one level to a new if you want to.
Yet again, as a result of the President Obama's loan modification program, financial institutions such as the Bank of America got flooded with HAMP application. So it is no wonder why number of applications wind up getting denied. If this happens to you and you know that you are eligible for the loan, don't hesitate to escalate your request from one level to another. Make follow-up calls and learn concerning the loan application process inside out.
The Making Home Affordable program is there to help if you are facing foreclosure, struggling with mortgage payments, or trying to avoid mortgage trouble. Getting loan modification services and help from upright companies like RefinanceItt.com can increase a homeowner's chance of getting approved. Here RefinanceItt is a foreclosure assistance service provided for the American homeowner's who are facing foreclosure of their home. We provide straight solution by help you to qualify or make the right decision for foreclosure prevention programs, like HAMP, HARP and loan modification programs to save your valuable home.
If you are stressed with monthly mortgage payments, trying to avoid foreclosure, and seems no hope, it's probable that the new making home affordable program through Refinanceitt.com can help you to get assistance.