Income For HAMP Loan Modification Must Be Verified
The Home Affordable Modification Program has become one of the top services for people to get into with regards to handling a loan modification. This Treasury plan has helped more than a million American homeowners who were facing foreclosures. Hundreds of thousands of the trial modifications that were passed out to clients have become permanent modifications. This is truly a great service for anyone to consider.
However, many loan modification agencies like 1st Foreclosure Prevention have been dealing with processes that involve loan servicers being unable to verify incomes. A servicer will need to verify an applicant's income before allowing a loan modification to take place.
The main concern about this part of a loan modification is that a person must have some kind of income in order to use a service to prevent foreclosure. Steady income is needed for the prevention of foreclosure so that a person can easily pay off one's dues. A person who is unemployed and is not able to get money for a loan's payments will be less likely to get into a HAMP plan.
This is why the HAMP plan has begun to work with a new rule as of June 1, 2010. All mortgage loan modifications are going to have to get income statements to be verified. This is needed because any mortgage loan modification can be made official. The servicer will want to see that the income that one is getting is real.
An agency like 1st Foreclosure Prevention will also work with this data. This is so an agency can figure out what terms are going to be needed for one's particular loan modification. This is with the intention of making it easier for one to pay off.
The reason as to why the plan is working with this new rule is to ensure that the HAMP system will be successful. Many people who have had poor income levels have had to get their modifications cancelled. This is hurting them just as much as it is hurting loan servicers and agencies.
However, getting one's income verified will not be a sign that one's income will be guaranteed. This is still the possibility that a person may end up having to deal with another type of service in the event that a person loses one's income during the modification process. Other services can involve short sales or deeds in lieu of foreclosure. These are services that might have to be considered due to the economy being as unpredictable as it is.
In summary the incomes that people have for HAMP loan modification plans are going to have to be verified before anything can happen. The verification is used to see that a person will handle one's loan. 1st Foreclosure Prevention can work to review one's verified income to get a better set of terms ready for one's loan. These terms will relate closely to the income that one is getting so that the loan will be easier for a person to take care of.
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