How Loan Modifications Can Save Your Home

?Despite the recent changes in the world of banking and finance, there are still a number of loan modification solutions for those that are interested. Consumers need to be informed of the options available for homeowners that want to save their home from foreclosure.

What loan modification programs are there available?

The loan modification program made available through recent legislation is designed to help homeowners remain in their home. The Home Affordable Modification Program was designed to help families facing foreclosure.

As a part of the recent stimulus package, this program was created to benefit families in need. To date, more than 5 million homeowners in the US have qualified for participation in this program. This program is extremely beneficial to families facing unemployment, who are more likely to fall behind in a mortgage.

How does on qualify for a loan modification programs?

Loan modification programs may be ideal for those behind in mortgage payments. The homeowner simply has to demonstrate financial need in order to qualify.

A letter of hardship will have to be submitted. In the letter, financial circumstances, and the events leading up to the current financial predicament should be included. The letter has to be sufficient in demonstrating financial need. The information included should be purely factual and not exaggerated.

There are professionals that specialize in drafting and designing hardship letters for those in need of these services. It is imperative that the letters be written properly to minimize likelihood of rejection.
Loan modifications can be found online. There should be no upfront charges required for these service providers.

Many of these specialists offer free consultation. Most will proceed after a complete assessment has been made to determine whether or not one is likely to qualify for the HAMP program.

The examination process is relatively simple, in that it only requires basic information. Once the information is gathered, the assessment process for determining the best option is selected and presented to the consumer.

The application and hardship letter is the most important aspect of the HAMP process.