Obama's Loan Modification Program Application - 5 Things You Can Do For Quicker Approval

If you are wondering if you qualify for a federal loan workout program with your lender, you need to know the 5 things you can do to get a quicker approval on your loan modification application. You do have some control over whether your proposal will get approved-the secret is all in how you prepare your application. The federal stimulus plan called HAMP has standard approval criteria, learn this information so you can prepare an acceptable application yourself. Here are 5 things you can do to help you get the results you want quickly:

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1. Learn about the federal guidelines for approval before you fill out your loan modification application. It's common sense, you will have a better chance of meeting the approval guidelines if you know what they are! Every program has certain criteria that must be met for approval-take the time to learn what you bank needs to see so you can be prepared. Learn how to compute your own debt ratio and find your new target mortgage payment-use a software program that will do all the calculations for you to avoid mistakes.

2. Write a convincing, compelling and acceptable Hardship letter that really gets your lender to empathize with your situation. Only homeowners who can show convincingly that they are suffering a financial hardship will be eligible for a loan modification. Keep it short but descriptive-one page is ideal. Do you know the 3 critical elements of a successful hardship letter? The first one is to use the phrase "Imminent risk of default"-learn the other two.

3. Backup your hardship story with proof. For example, if you have large medical expenses, make copies of the bills. If you were laid off or had your hours reduced, copies of letters from your employer. This hard evidence will add credibility to your story and help convince your lender that your current situation is not your fault.

4. Do not omit any income, assets or debts on your loan modification forms. This is a full disclosure process and your bank will verify everything you provide to them. If you leave out information, your file will be set aside and your answer delayed. If you misrepresent something and the bank discovers it, then your application could be denied. If you are given a trial modification, your final workout will not be offered if you cannot prove what you have submitted. Do you know all the documentation your lender will need to see from you?

5. Submit a complete, legible and accurate loan modification application the first time. This means that you have followed a checklist and made sure that your lender has everything they need to approve your proposal the first time. You can prepare a professional and acceptable loan workout proposal when you have simple step by step directions to follow. Your financial statement must prove that you meet the HAMP guidelines-use the software program that mimics these guidelines so that you know your application is accurate and acceptable.

The new Obama government programs are making a loan modification easy to get for millions of need American homeowners. $75 billion dollars has been set aside to help borrowers just like you avoid foreclosure and stay in their home. Your lender will now get paid to give you a loan modification! That is a big incentive for them to help you quickly. Make sure that you take the time to learn and prepare before you contact your lender to apply-this is your chance to get the help you need and deserve-don't miss out!

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