Those homeowners who have been frustrated with Obama’s making home affordable program approval process will be happy and relieved to know about the new procedure recently implemented. The federal government has provided new guidelines that are designed to help not only speed up the review and approval time frames of a federal loan modification but also has made the entire process a lot less complicated.

The good news is that it is possible to get your loan modification agreement within 30 days of applying for one. The tricky part on the other hand is that you must prepare your financial statements and application correctly if you hope to be approved on your home loan modification. You only get one chance now-unlike before when you could keep re-applying. So you as the borrower have to take responsibility for doing it right the first time so that they can move on to a permanent solution to keep their home.