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Most of the borrowers who apply for mortgage loan modification under the hamp loan modification services might not be completely aware of the exact process of filing an application.As result, they often end up getting denied for one by their lender and ultimately could face home foreclosure.While nobody likes to be homeless, if this existing financial situation, you could consider applying for a mortgage modification with your existing lender straight away by highlighting financial hardships which you could be facing. Nevertheless, when you are out to apply for a loan modification under the federal scheme, it could be important for you to have a complete understanding regarding the loan modification processing requirements. Here is some crucial information pertaining to the same which could guide you in your endeavor.

1. While modifying your current home mortgages, it could be vital for you to offer an explanation to your mortgage lender on the financial circumstances that forbid you from staying current on your monthly mortgage payments. Remember, these financial situations have to be a part of the hardship list or else your request could get rejected.
2. To underline your hardship status as required by the Obama loan modification plan, you need to report your income loss in writing to your mortgage servicer. Such a letter is called the “Letter of Financial Hardship” and through this you could convey your lender the exact reasons that have lead to the present financially difficult situation. Valid causes include divorce, imprisonment, death of family member, or even loss of job.Some health related factors could also apply to specific cases
3. You hardship letter could play a pivotal role in deciding whether you could be granted a loan modification or not. To that effect, you need to provide acceptable evidence along with the hardship letter to highlight your case. And do not forget to submit a financial statement that projects details of your monthly income and expenses.
4. You also need to furnish latest copies of income tax returns, bank statements and two recent copies of pay stubs to prove that your case warrants genuine consideration for financial assistance. This could considerably increase your chances of getting approved for the HAMP government loan modification program.

The above mentioned basic eligibility requirements for the HAMP plan might not be easy to prepare on your own. Thereby, an expert guidance is suggested to make your task much easier. Today there are many companies that guide borrowers in understanding the HAMP guidelines and process and even actively assist them in preparing the documentation. However, you need to choose a company that is reliable as well as reputable.

Hence, to get more useful information on the home affordable modification program (HAMP) or home affordable foreclosure alternatives program (HAFA) requirements, it is hereby recommended to utilize the professional services offered by reputed online service providers like USLoanz.