Author Nick: JohnRoney
Name: Chester Thompson
Site:
Hamp denials must be in writing and include the reasons why as of january 1, 2010 per the latest hamp home affordable modification program guidelines. I have evaluated the HAMP guidelines and this is what I have found regarding what their denial must contain:
For many people, a hardship loan modification can mean the difference between keeping their home or losing it to foreclosure. But what is a mortgage loan modification? It is a revision of the terms of current loan that make your loan affordable, so that the homeowner is able to make the payments.
Obama’s $75 Billion Mortgage Modification program can seem like a dream come true for many people who are at risk of losing their biggest investment – their home. But how do you know if you even qualify? Even if you’ve been turned down by your bank in the past, you can still apply for this mortgage modification program. If you are two or three payments behind, or you foresee financial hardship in the near future, you can apply and get your mortgage payment reduced.