Should I Reapply For a Modification Loan Through HAMP?

Posted on March 14, 2011

Obama’s home affordable modification program or HAMP is being criticized from many groups of people as being useless.  After all, millions of homeowners have been denied financial assistance through this federal initiative for the past few months and if reports are to be believed, just one in four applicants have been successful in getting a HAMP home loan modification approval.

However, while it may need to be retooled there is still a chance that even if you have already been denied you may be approved if you re-apply with an expert helping you. Here are a few reasons why your HAMP loan may not have been approved:

  • Some information was not the correct information or as accurate as needed that was submitted, such as inability to provide proof of verifiable monthly incomes.
  • The borrower could not yet demonstrate a financial hardship which is a requirement and as such this loan cannot be used as a preventative initiative.

By choosing to seek help with a qualified attorney they will be able to help you find a loan modification program that will be right for you, whether reapplying for the HAMP program or applying to your lenders own program.  In addition, an attorney has knowledge about where these applications generally go wrong and can not only walk you through the procedure but are efficient at negotiating with the lenders.

If you would like to learn more and/or receive assistance with loan modification or foreclosure, please contact us at (857) 244-1940 or fill out the form on the right.

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