The affordable loan modification Program was designed to help homeowners on the verge of foreclosures to deal with financial difficulties they face. It was incorporated in the federal economic recovery plan to revamp the ailing real estate market. If you want to apply for mortgage loan modification, then do the following things.

Steps in Applying for mortgage loan modification:

1) First, you have to access the request for modification plus the affidavit from the HAMP official government website. There is strict federal modification guidelines placed on lenders and these guidelines do away with the need to negotiate for a modification.

2) Next, complete the borrower and the co-borrower affidavit sections if you took out the loan with another person. You have to complete the first column. To qualify for mortgage loan modification, you must input your home as the key residence under the HAMP section. Once you do this, sign and date the affidavit.

3) You will also have to download IRS Form either 4506T or 4505-tZ from the official HAMP government site. Remember, your creditor or lender will want the original tax transcript issued by the Internal Revenue Service.

4) Once you get the tax transcript, complete each line as requested. Remember to include the tax year. Note that your lender may ask for the inclusion of an additional year of tax returns.

5) You will also be expected to sign and date the tax transcript request. If both you and your spouse filed a tax return, then both of you will also be required to sign and date the form.

6) Collect your last 2 salary stubs which must indicate your yearly earnings. Also, if you get government benefits or insurance benefits then you have to include it in a letter which states the amount and frequency, from responsible respective agencies.

7) Download and fill the Dodd-Frank affidavit. In the penalty of perjury section, you must prove that you have never been arrested or charged for larceny, forgery, tax evasion, fraud and money laundering within the last decade so as to qualify for mortgage loan modification.

8) Sign and date the certification as an individual or with the co-applicant for a loan.

9) Submit your completed package to the lender. Once you do this, the lender will get back to you when the application goes through the underwriting process. You might also be contacted to supply additional or missing information in a period of 1 week.

Tips on getting mortgage loan modification:

Some of the following tips can help you secure the best loan modification. Complete the Application package and submit salary stubs, hardship letter, and budget along with other documents to the lender when applying for mortgage loan modification. Take note that if any of requisite documents is missing then your package will be dropped until you oblige with the requirements.

– Be Inquisitive – When applying for loan modification, take time to know exactly the things to provide to servicers. Often, they request for 2 pay check stubs which they regard as a representation of one month’s income. If you are a homeowner who is paid either twice a month or weekly, then you will have to submit more documents. Failure to fulfill this requirement can cause you problems.

– Keep in Contact – As a homeowner you ought to call the service a couple of times a week to find out the status of your request. Inquire if the file is already complete. While doing this, review your documents and if need be, explain any change in circumstances. Although a counsellor can guide you, the lender will also like to hear your side of the story as often as they can.

– Be Persistent – It is natural for home owners to feel exasperated when they are told to resubmit some documents. However, those who know the importance of doing as required will hold out long enough and get rewarded.

It is not difficult to apply for a mortgage loan modification. But, you should check and determine your eligibility before you download, fill and submit the application form. Make sure that you comply with the requirements placed by lenders on applicants.

Mortgage Loan Modification

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Author Bio: Mortgage Loan Modification

The Attorney will definitely help those people if they have filed for bankruptcy so that, the common people do not get over burdened with the debt which will be impossible for them to pay back.
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Category: Legal
Keywords: Home Loan Modification,Mortgage Loan Modification,Government Loan Modification