The HAMP application process is streamlined so that currently when a borrower applies for a loan workout their application will be evaluate quickly and an answer provided within an approved time frame. However, the homeowner must follow these steps in order to guarantee a rapid and positive reply:

1. Within 10 days of getting a request for consideration of a loan modification, lenders will accept the request and provide the homeowner with application information.
2. Homeowners have to complete their financial statement properly; provide 2 most recent paycheck stubs, a signed 4506T form and a hardship letter.
3. Lenders must give an answer-either the homeowner qualifies or not-within 30 days of getting a complete loan modification application package.
4. If approved, the borrower will be specified a 3 month trial payment, and upon completing all 3 payments on time the workout will become permanent. No more re-applying or updating of information.
5. If the homeowner does not be eligible or defaults during the trial period, other alternatives may be offered-short sale or deed in lieu of foreclosure.

So, it is possible to get your reply within just 30 days-but it is the homeowner’s responsibility to make sure that their paperwork is correct, satisfactory and complete. If an application is lost documents or filled out incorrectly, the the homeowner must give the requested information within the due date or risk losing their chance at a loan modification.

The Home Affordable Modification Program approval guidelines are fairly ease-your debt ratio, new target payment, asset ratio and other calculations are all part of the approval method. If you are not sure how to prepare your financial statement correctly, you may desire to use the software program designed just for homeowners. The Loan Mod Quick APP will do all the essential calculations for you automatically. You can avoid mistakes, save hours and be confident that your paperwork is correct. The key to a 30 day loan modification is an accurate and satisfactory application-do it right the first time.