graham | Loan Modification | February 26th, 2011 Comments Off
It could be significant for you to look for California loan modification Attorney help at the earliest if you are finding it hard to stay current on your monthly mortgage installments and thereby, faced with impending home foreclosure. This could invariably to save your home and save money in the long run. The Obama administration has taken initiative to start the “Home Affordable Modification Program” .Normally, the HAMP requires your lender to adjust your existing home mortgage loan terms and conditions to make them more affordable for you. But to qualify for the HAMP plan, borrowers are required to meet certain requirements stipulated by the Obama stimulus plan guidelines. If you are considering applying for the home loan modification program, here is some crucial information pertaining to the eligibility criteria and few tips which could guide you in your endeavor to obtain speedily accepted.
HAMP eligibility requirements
- The home for which mortgages are to be modified need to be your primary home.
- Value of the existing home mortgages should not exceed $729,750 for a single unit family.
- Current mortgage loans should have originated on or before 1st January, 2009.
- Your monthly mortgage payments need to be more than 31% of your gross monthly income.
- Any financial hardship situation faced by you has to be predictable.
If you are eligible for the California loan modification plan, you need to prepare yourself for tendering a request to your lender.
Few Tips to apply for HAMP Services in California
- Prepare the details which have led to present mortgage loan repayment problems. Do not forget to take into account the reasons that have been responsible for your current financial situation which have rendered you unable to pay the monthly payments. These could include reset of interest rates in an ARM or loss of job.
- There could be a need to gather all relevant documentation that is required to support your loan modification application. For this, you could provide information on latest mortgage bills, unpaid medical bills or any document which proves that you have lost your job.
- Calculate the percentage of monthly mortgage payments as compared to gross monthly income. Remember, you can file for the HAMP mortgage loan modification plan only if the monthly installments are more than 31% of your gross monthly pay.
- Determine how much you can afford to dish out towards reduced monthly mortgage payments with the current level of monthly income. In case, you could be required to provide documents relating to income verification, so gather copies of most recent pay stubs.
- When you contact your lender with all the necessary calculations as well as documentation to apply for the California HAMP, your lender would use the “Net Present Value” Test (NPV) for determining your final eligibility.
To get more useful information on the government loan modification program requirements, it is hereby recommended to utilize the professional services offered by reputed online service providers like California-loanmodification.
Get Expert Help To Get Qualified For The California HAMP Loan Modification Plan