Monday, March 18, 2013

FHA-HUD Loan Modification Program Guidelines


Struggling homeowners facing default or the imminent risk of default may be eligible for an FHA-HUD sponsored loan modification program.  The plan is called Home Affordable Modification and is paid for with $75 billion in stimulus money.  It is only available for a limited time to homeowners who can meet the basic guidelines, so don't wait to find out if you may be eligible to receive a lower mortgage payment.

The Home Affordable Modification Plan, or HAMP, is designed to offer an affordable and sustainable mortgage payment to those borrowers who are facing a financial hardship situation and are at risk of losing their homes.  This is accomplished by using standard procedures and methods of determine the new target payment.  Once you learn the standard guidelines and methods, you will be able to pre-qualify yourself and know if you need to make any adjustments to your application.  It is critical to do this work ahead of time if you want to have the best chance of approval.

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All participating lenders have agreed in writing to use these standard methods when reviewing a borrowers loan modification application under the Home Affordable Modification Plan.  That makes it a lot easier for a homeowner to work directly with their lender and be successful.  You do not need to have any experience or hire an attorney-this plan was specifically designed so that a borrower can do it themselves-for free.

You can learn the basic approval guidelines, follow the 4 steps to determine your target payment and debt ratio, and then prepare your own accurate and acceptable loan modification proposal.  Over 275,000 homeowners have already successfully received a loan workout under this plan, you can too! 


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