Get Approval HAMP Loan Modification When Denied

Get Approval HAMP Loan Modification When Denied

Q:Am I going to get approved for HAMP modification if my monthly income cannot cover my bills?I am wondering if I can get approved for the HAMP modification if I have monthly outgoing bills that total more than my income? I was turned down over the phone by my loan servicing company, and I was wondering how they do the qualification process. Do they want to see that u make enough money to cover ur bills? Obviously I cannot pay my bills, otherwise I wouldn’t need help. In short, do they want to see that I am in the red every month or will that hurt my chances?

A:In order to grant a modification, you have to be able to make some sort of payments after the modification. When you submit the financial worksheet to them, they like to see you having no more than a couple hundred dollars left each month after bills. So, if they modify your loan to a lower payment and you are still in the negative each month, then they will not approve that. If after the modification, you can make all your bills and have $100-200 left over, then there is a better shot of approval.

If you’ve been denied when you applied for a loan mod on your own, or if you are preparing to file for a loan mod in the near future, then keep reading the remainder of this article. There are a number of things you must do to avoid being denied but if you follow certain necessary steps, you can have a very successful outcome.

Step One: Have Patience
The first thing you must know when filing for the HAMP loan modification program is that you MUST have patience. If you choose to file on your own then you must prepare to read and analyze the new guidelines for filing for the loan mod program and you must be prepared to complete all the forms necessary without one single mistake. Filing incorrectly can have you denied immediately and if there is a mistake on any of the forms; you must be prepared to have your application delayed or even denied prematurely.

Step Two: Be Persistent
You must also be prepared to make numerous phone calls each and everyday in order to deal with your lender or his representatives. You may not get the answer you are looking for during your fist call or may find yourself on hold daily only to be transferred to a busy signal or a hang up tone. But remember you need to be patient; if you want to save your family home from foreclosure you need to be persistent and keep moving forward. Filing for the HAMP loan modification program is not an easy process, but saving your home and keeping you family safe and secure is a worthy goal.

Step Three: Seek Assitance
If you are willing to do hard work on your own behalf with determination and diligence with your phone calls, letters and paperwork then you can succeed in getting an approval. The truth of the matter is many of us don’t want to deal with this process and all the confusing paperwork. Let’s face it: your home is on the line, you’re already stressed out and the last thing you need is to deal with a project to save your home when you have no idea of how to proceed. The good news is there are many online specialists with the knowledge to successfully file for the HAMP loan modification program on your behalf.

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