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There have been a number of problems with implementation of Home Affordable Modification Program (HAMP) immediately after launch, with most common one being lengthy application processing times. As many homeowners are facing foreclosures, timely processing of modification applications is essential. It did seem like, however, that lenders were not making enough effort to process applications in a fast and efficient manner. Another problem experienced by homeowners was an increased number of disapproved applications under HAMP. Most of them were a result of improper communication between lenders and borrowers.A number of studies have revealed that an unexpectedly high number of failures under HAMP were a result of inefficient modification application processing. Lenders were simply not approving consumer applications in time needed to avoid foreclosure. Many families, eligible to get loan modification, were forced to go into foreclosure due to lender processing times. As a result, president Obama issued a directive to lenders to expedite review process for loan modification under HAMP.New Rules Enforce Strict Timeframes for LendersUnder new rules, loan modification decision should be made within 30 days of customer application receipt by lender. The following mandatory guidelines are now strictly enforced by the government:1) A lender must produce a written confirmation of a loan modification application within 10 days of application receipt.2) A final decision of approval or denial of benefits available under HAMP should be made by a lender within 30 days of application receipt.3) Upon successful application approval, a 3-month trial should be given to borrowers. If the trial is successful, loan modification will become permanent without need for additional paperwork.4) In case of application denial, a borrower should be presented with alternative options aimed to avoid foreclosure.These rules are aimed to assist troubled homeowners to avoid foreclosure, as they allow for timely processing of all applications made under HAMP.Professional Help Is Widely Available To All HomeownersAs expedited application processing is in no way a guarantee of loan modification success, it is important to understand HAMP guidelines and requirements. Many people fail as they do not follow the requirements and fail to submit sufficient documentary evidence to their lenders. In case you do not understand how loan modification works, what eligibility criteria are, and what requirements should be met, finding professional help is important. Having a professional loan modification expert on your side may help you to establish eligibility criteria, gather all documents required, and follow up on all lender requests in fast and efficient manner.Online HAMP Resources Are Free, Yet EffectiveFinding loan modification help today is easier than ever, as there are a number of trusted resources offering help free of charge or for a nominal fee. Most of them may easily be found online. Many HAMP assistance resources are nonprofit organizations, offering free consultations to everybody interested in loan modification. Experienced professionals will be able to discuss your individual situation, advice on further steps to be taken, and offer guidance throughout the process. They may not only speed up the application processing, but also greatly increase your chances of approval.
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