Mortgage Modification Program - HARP Versus HAMP
To take full advantage of President Obama's Mortgage Modification Program, you first need to get organized and prepared.
Homeowners facing hardship don't necessarily need to have a satisfactory credit rating to receive help with the programs offered.
There are two programs that homeowners could qualify for.
One of which is Home Affordable Refinance Program (HARP).
In order to qualify for this one your, credit score will have to meet the requirements of Freddie Mac or Fannie Mae.
Don't lose hope.
This program also includes a plan for the underdog! HAMP, which stands for Home Affordability Modification Program, was designed to assist homeowners that are facing foreclosure.
Let's face it, if you're at that stage, a free credit report is the least of your worries.
The lender that you're affiliated with will have a loss mitigation department where you can ask questions and request paperwork or find out where to get it even sooner.
Once you have requested the information that your lender requires, fill out the forms and send it in via fax, snail mail, or email-however they want it.
Stay on top of the status of your application.
Persistence with representatives is key.
You will draw flies with sugar not vinegar, right? Find out what your lender requires for you to take part in the program.
Do you have to remain a payment behind to be eligible? The more questions that you ask, the faster your results.
Keep your documents accurate and always make sure that they are completed 100%.
Do you really want to wait 3 weeks to hear that your co-borrower forgot to sign a line and that has been the hold up? The banks will receive monetary incentive to help you, but they are not going to hunt you down and force you to get the benefits of the process; however, the programs that require you to pay for information or assistants may be more persistent with you than your lender.
These are the programs you don't need to worry about qualifying for.
Focus on the documentation that the lender has provided and do your research to see that you are getting the proper benefits for your household.
Your goal should be to achieve an affordable payment with your mortgage modification program.
Anyone assisting you with the process has the goal to keep your payments lower and your family away from the whole foreclosure process.
Homeowners facing hardship don't necessarily need to have a satisfactory credit rating to receive help with the programs offered.
There are two programs that homeowners could qualify for.
One of which is Home Affordable Refinance Program (HARP).
In order to qualify for this one your, credit score will have to meet the requirements of Freddie Mac or Fannie Mae.
Don't lose hope.
This program also includes a plan for the underdog! HAMP, which stands for Home Affordability Modification Program, was designed to assist homeowners that are facing foreclosure.
Let's face it, if you're at that stage, a free credit report is the least of your worries.
The lender that you're affiliated with will have a loss mitigation department where you can ask questions and request paperwork or find out where to get it even sooner.
Once you have requested the information that your lender requires, fill out the forms and send it in via fax, snail mail, or email-however they want it.
Stay on top of the status of your application.
Persistence with representatives is key.
You will draw flies with sugar not vinegar, right? Find out what your lender requires for you to take part in the program.
Do you have to remain a payment behind to be eligible? The more questions that you ask, the faster your results.
Keep your documents accurate and always make sure that they are completed 100%.
Do you really want to wait 3 weeks to hear that your co-borrower forgot to sign a line and that has been the hold up? The banks will receive monetary incentive to help you, but they are not going to hunt you down and force you to get the benefits of the process; however, the programs that require you to pay for information or assistants may be more persistent with you than your lender.
These are the programs you don't need to worry about qualifying for.
Focus on the documentation that the lender has provided and do your research to see that you are getting the proper benefits for your household.
Your goal should be to achieve an affordable payment with your mortgage modification program.
Anyone assisting you with the process has the goal to keep your payments lower and your family away from the whole foreclosure process.
