Pittsfield, MA -- (SBWIRE) -- 05/16/2014 -- Lenders do not like to help borrowers prevent foreclosure by accessing the Obama loan modification program known as HAMP. Every mortgage loan that is approved comes with Private Mortgage Insurance (PMI), which means that if someone defaults on it, the lender loses nothing. Credit-yogi.com is here to give folks some tips on encouraging lenders to work out a foreclosure prevention plan with consumers, such as:
- Don’t Visit Original Lender 1st
- Ascertain Eligibility for HAMP
- Get Paperwork in Order
- Now Contact a Lender
No Need for Primary Lender Input 1st
Understand that a person does not have to meet with his original lender to find out if he’s eligible for the affordable mortgage program started by President Obama. Because lenders’ investments are covered by mortgage insurance, they are unlikely to help a consumer learn how to become eligible for the plan. In short, there’s no need to approach the primary lender when one is just starting to look into the program.
Find Out Program Eligibility
If a homeowner is facing foreclosure, there are things he can do to stop the process altogether. He can look into whether or not he qualifies for the Obama HAMP. Believe it or not, he can do this on his own; he does not need to visit his lender. By logging onto the HAMP website, he can put in his financial information and await a response, which could take up to 3 weeks to receive. Another option is to utilize a fiscal assistance website such as Credit-yogi.com, which can get a reply regarding one’s qualifying for the program in about 5 days.
Pull the Paperwork Together
It is very important to have all of one’s financial ducks in a row, so to speak. Be sure to find out what, exactly, is required as far as fiscal documents go, as it will make it easier to work with the Obama mortgage modification program. One will need to provide at least 8 weeks’ worth of pay stubs, a provable financial hardship, proof of any money in the bank, and any other monetary assets one has. It’s also a good move to have documentation that the property one is trying to hold onto is not condemned.
Now Contact a Lender
Now it’s time to go see the lender that originally approved the mortgage. Because one is looking into the Obama modification program to modify his existing mortgage (make changes to it), he must deal with that financer. The homeowner must have all of his facts straight, and must be able to hand the lender all of his financial information. The lender cannot then refuse to assist him in accessing HAMP.
Credit-yogi.com has been helping individuals get rapid, accurate answers to their financial questions for 15 years. Its goal has always been to provide a secure place for folks to ask, and receive responses to, their inquiries, and it has consistently done for all that time. For a free initial conference, dial 866-964-9644.