How to Get an Affordable Loan Modification

If you are a homeowner who wants to reduce their mortgage payment via the Obama mortgage modification program known as HAMP the Home Affordable Modification Program than you need to follow the step by step process listed below.

Qualify Yourself

The first step is to determine if you meet the basic qualifications for affordable mortgage modification program.

Preliminary HAMP Application

Next you need to obtain, complete, and submit the preliminary modification request application. This is what the government refers to as the Request for Modification Affidavit. This application is what starts the ball rolling and will get you into a HAMP trial modification.

Prepare Financial Package

With the initial application you should send a financial package that includes the following documents listed below.

  • Tax Form 4506-EZ. This form allows your lender access to past tax returns you submitted to the IRS.
  • Income documentation such as pay stubs and bank statements. Submit at least three months worth.
  • Document certifying that you have not been convicted of felony larceny, fraud, forgery, money laundering, tax evasion, or the like in the past 10 years.

Successfully Complete HAMP Trial Modification

You must make all your trial payments on time and respond to the packages and inquires your lender will send in the mail. Play it safe and utilize the envelopes and payment coupons provided.

Get Approval (or Unmentionable) Decision

Wait for lender to evaluate debt, income, financial hardship, and the like.

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