Frustrated about how your bank is handling your loan modification application and tired of waiting months and months for your answer? Well, your are not alone-the Federal government is fed up with the long delays and lack of organization that banks have shown under the HAMP option for loan relief. In fact, they are so sick and tired of the low numbers of mods that have been finalized that they have implemented a timeline that banks must follow so that homeowners get their answer quickly.
How can you get a loan modification in just 30 days with the Federal program? The guidelines are simple and clear-here is what the Treasury Department is mandating for lenders to do:
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Banks and servicers must respond to a request for loan modification help within 10 days of request Servicers must notify the borrower in writing of any missing documents in their loan modification application immediately Upon receipt of a COMPLETE APPLICATION PACKAGE, an answer must be provided to the borrower within 30 calendar days. So this means that it is up to the homeowner to provide a complete, accurate and acceptable loan modification application package so that the clock is ticking on the 30 day response rule. If you send in an incomplete application, you will be notified what is missing and you must send those items in right away. If you do not respond then your bank has no further obligation to review you for a loan modification.
The Fed has said that banks can no longer start homeowners on trial modifications while their paperwork is being reviewed for eligibility. So, if you send you the right application paperwork th first time, you will be reviewed quickly and possibly an approval will be issued. Then you start the trial modification period and after 3 payments made on time-your modification is made permanent AUTOMATICALLY. No more re-applying or updating your information with the bank over and over again.
You can get a loan modification in 30 days if you prepare and submit and accurate and complete application. This means that you provide the needed documentation and you prepare your financial statement correctly. Remember, there is an approval formula based on your income, debts, loan amount and target payment. You can use this formula to be certain that you prepare your paperwork correctly the first time and then you will get your answer quickly.
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