In this economy millions of people are facing financial hardship due to unemployment, heightened costs of living, and unrealistic monthly mortgage payments. Making Home Affordable program was developed by Obama administration to help ease economic burdens. The goal of this plan is to assist millions of home owners who may be eligible to do a loan modification.
Currently the lenders are overloaded with application from home owners. Homeowners who want to get qualified and approved should begin the process immediately. Homeowners need to prove that they are facing financial hardship or will be facing hardship in the near future which might cause them to miss their mortgage payment. It is also critical that they meet a debt ratio of 31% of their income. Billions of dollars have been allocated to help homeowners facing financial hardship just like you-don't get your mortgage payment reduced. Keep in mind whether you're qualified or not, the loan modification approval process can take some time so do not stop making your payments.
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Here are some tips to get your loan modification approved fast under the Home Affordable Program.
1. Prepare an effective hardship letter. One of the qualifications is that the homeowner should be facing financial hardship. If you are not facing hardship you might not qualify.
2. Collect all your documents required for applying before calling the lender.
3. Have your financial worksheet prepared according to the lenders guidelines. This is one of the most critical forms which need to be prepared the right way. Too much surplus or negative surplus income can get your application declined in minutes.
There is help available to homeowners who know how to get the package prepared correctly. Have you thought why some people get denied for home loan modification while others are qualified and approved? The secret to get qualified and approved for Making Home Affordable loan modification program is to know the lenders qualifications and guidelines for approval before you submit your application.
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