How to enter the home affordable modification program
President Obama has instructed financial lenders to speed up the review process for loan modification agreements under the home affordable modification program. While homeowners are currently struggling to avoid foreclosure, it seems that most financial lenders are simply not reviewing their customers application as efficiently as they should. Finding loan modification help has become easier due to the many online services offering their expertise for homeowners looking for help in dealing with the paperwork and their lenders.
There has been a large rate of failure under the home affordable modification program and studies have shown that this was due to the increase amount of time it was causing loan modification lenders to review and approve applications that are being made by their customers who had met the requirements to file under this program. Some people also complained that their lenders offer no loan modification help and others claimed they had successfully made a loan modification agreement under this program but that their lender was not approving their loan mod in time for them to avoid foreclosure.
The president has mandated that loan modification help under the home affordable modification will now be made available and the determination of approval or denial has to also be made within 30 days of a loan modification lender receiving a homeowner’s application. Here are some changes that many of you may not be aware of:
- Your lender must now offer written confirmation of the receipt of your loan modification agreement within 10 days.
- Your loan modification lender must approve or deny your loan modification within 30 days of receipt of your completed application.
- At the end of the trial period the modification will automatically become permanent.
- If your application is denied, you will be offered another option or other strategy to help you avoid the foreclosure process.
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