Make Homes Affordable: How to Get Home Loan Modification Hardship Assistance
If you have been waiting for help with a Chase loan modification you may finally get the chance you need. The Treasury Department has signed an agreement with the bank authorizing them to begin offering the Home Affordable loan modification plan to its qualified borrowers. Under this program, Chase will be eligible to receive incentive payments for each completed loan workout. Of course, this is a big incentive for the bank to offer this aggressive program to homeowners.
If you’re worried about meeting your monthly mortgage payments, it’s important to take action as soon as you can. It’s not necessary to wait until you’re several months delinquent, or even defaulting on a single payment. Visit a financial counselor to discuss your financial picture while you still have options other than foreclosure open to you. Depending on the firm doing the counseling, it may or may not be free of charge. There are many non-profit groups that do financial counseling for free, and your local HUD office can refer you to these. The large demand for financial counselors in this economy has also given rise to a lot of for-profit loan modification companies as well, which you may also use.
How do you apply for the Chase loan modification using Make Homes Affordable? You can visit the lenders website to start, but be aware that not all borrowers will qualify. Make sure that you understand what is required for approval before you send in your paperwork. Successful homeowners will be able to prepare their loan modification applications correctly so that they have the best chance of meeting the approval guidelines.
Loans that originated on or before January 1, 2009 are eligible for HAMP loan modification. The borrower must live in the home. The loan can only be modified once and must be done before December 31, 2012.
Income must be documented by using your most recent IRS statement and your most recent pay stubs. In addition you must sign a hardship affidavit. The borrower must not be more than 5% upside down on the loan. The unpaid principal balance must not exceed $729,750 for a first lien loan. Again, this amount could be higher if the property is a 2 to 4 units. Of course, your objective is to make the HAMP loan modification program work for you. That involves arming yourself with knowledge before you submit your application. There are a number of ways of getting the knowledge that you will need. There are also a number of organizations that want to take advantage of your situation and scam you. You can click this link for a memorandum from the Consumer Advisory Committee regarding tactics that you should stay clear of.
Eligibility vs Qualified- You might be eligible for a loan modification from the government but not qualified according to the lender. Let me explain. HAMP establishes guidelines that must be followed by the lender when a loan is modified. The lender on the other hand looks at your financial situation to see if you have the ability to make your payments. This is a link to a HUD checklist to see if you meet the HAMP program qualifications for eligibiIlity. After you determine that you are eligible you will need to get qualified. If you are like most people, time is of the essence and you don’t have time to waste on trial and error. This is the critical part of the process so make sure that you use reliable sources. Remember that the qualification portion is dependent on your financial stability. Make sure that you use creditable sources if you seek assistance.
Learn more about Obama Mortgage Relief Plan Qualifications.
