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htws9c9l · Posted: Sun 22:38, 03 Nov 2013 Post subject: According to new regulations

2010 Hamp Changes: An Awaited Relief Or A Bureaucratic Nonsense?
In order to speed up loan modification process under Home Affordable Modification Program (HAMP),[url=http://www.thehygienerevolution.com/hollister.php]www.thehygienerevolution.com/hollister.php[/url], it has been announced by the Obama administration that certain changes will be made effective June1,[url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url], 2010. They mostly address income verification of the borrower and establish guidance as to what documented proof of income is to be considered by lending institutions. They also touch the subject of forbearance of principal amounts.
Recent changes were made mostly to change things heavily criticized by both,[url=http://www.mquin.com/pjsdoudoune.php]parajumpers pas cher[/url], lenders and borrowers,[url=http://www.thehygienerevolution.com/barbourparis.php]barbour[/url], mostly dealing with bureaucratic issues. They are intended to ease the amount of paperwork involved with applications, and to speed up application process by utilizing resources in a more efficient manner. Such changes will hopefully result in more streamlined application processing and higher conversions from trial to permanent modification.
Trial Modification Period
HAMP requirements oblige pre-screened borrowers to enroll in a trial modification period. The ability of the borrower to make modified mortgage payments is tested during the trial period. A borrower is required to make three timely mortgage payments in order to get permanent modification. During trial period a borrower was required to submit certain documentation as required by servicer. Recent program changes have switched the way trial modifications are handled. As per new directive,[url=http://www.rtnagel.com/louboutin.php]louboutin pas cher femme[/url], income verification documents should be submitted upfront, before entering trial modification. It also clearly communicates what income sources should be considered to gain eligibility under loan modification program.
According to new regulations,[url=http://www.fibmilano.it]woolrich sito ufficiale[/url], the following pieces of information should be presented to loan servicer by the borrower before trial modification period:
1- Verification of income,[url=http://www.thehygienerevolution.com/barbourparis.php]www.thehygienerevolution.com/barbourparis.php[/url], such as paystubs covering two most recent pay periods;
2- IRS Form 4506-T that provides mortgage servicer with access to the tax records of the borrower,[url=http://www.shewyne.com/woolrichoutlet.html]woolrich sito ufficiale[/url];
3- Modification application to include hardship letter and financial statement,[url=http://www.rtnagel.com/louboutin.php]www.rtnagel.com/louboutin.php[/url].
As per new directive, a lender must acknowledge the receipt of above documentation within 10 business days in writing as well as provide the borrower with estimated timelines of application processing. A documentation review should be conducted within 30 calendar days of application and supporting documentation receipt. Applicants who submitted applications that miss required documents should be notified by lender within the time period stated above. An Incomplete Information Notice should specify the documentation required and outline the deadline for resubmission. Should application be complete and accurate,[url=http://www.shewyne.com/woolrichoutlet.html]www.shewyne.com/woolrichoutlet.html[/url], a loan modification is made. Successful applicants should receive a Trial Plan Notice within 30 days of application date. Declined applicants should be notified of application denial within the same timeline.
Principal Forbearance Limitation
According to newly-adopted program guidelines, servicers are no longer obligated to forebear thirty percent of unpaid mortgage principal or any modified interest-bearing amounts that are not in line with required loan-to-value ratios.
A borrower may be considered to be ineligible under HAMP guidelines should it be impossible to reduce his or her mortgage payment to fit the requirements of loan modification program. However,[url=http://www.arthilscher.de]www.arthilscher.de[/url], if lenders prefer to bring borrowers in line with the required monthly payment,[url=http://www.arthilscher.de]hollister deutschland[/url], they may choose (at their sole discretion) to forbear the principal on a mortgage.
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