Home Loan Modification Hardship Assistance
Hardship assistance is a service that is made available to the homeowners facing difficulties in meeting their monthly mortgage obligations. Following the passing of the 2008 Making Home Affordable bill by the US government, the Home Affordable Modification Program (HAMP) has made hardship assistance easier and more efficient for the troubled homeowners.
Before embarking on securing a home loan modification, it is important for you to weigh the available options. Investigate if there are other avenues that you can pursue to save your home before signing up for a home loan modification.
Timeliness is the key when considering home loan modification assistance. It is advisable to consider this option early enough before your financial situation is handicapped. This will go a long way in helping you secure the ownership of your home.
Carry out proper research on the available home loan modification companies on the market to ensure that you select the right provider. Invest in a loan modification specialist or a loan modification expert to guide you in knowing what to expect from different providers.
The process of securing a home loan modification hardship assistance is riddled with a lot of financial and legal technicalities. This might be a hindrance for individuals with little or no knowledge of finance and law. It is advisable to consult a home loan modification attorney who has a good grip of the process to guide you through it.
Upon making the decision to pursue home loan modification and selecting the loan modification company, draft a hardship letter together with your loan modification lawyer stipulating:
- Your reasons for financial problems
- Your proposed payment plan, and
- Any special requests or leniency
This letter should be submitted to your preferred service provider and should make the process of securing a home loan modification much easier and faster.