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The basis of A Loan Modification Plan

The homeowner affordability and stability plan (HASP) worth $75 billion has been announced by President Obama. This is also known as Obama’s Home Loan Modification. The principle of this plan is making the loan modification affordable. Obama’s Loan Modification Plan is constituted of two parts.

Part 1: One part of the HASP has been designed to help the homeowners whose homes have depreciated and because of this they have not been able to avail the refinance. In fact the current loan value is more than the real time value of the house. This plan is for those people who have availed the earlier loan from Freddie Mac or Fannie Mae.

Part 2: The other part of HASP is tailored to lower the monthly payments for debtors on the brink of foreclosure. This modifies the mortgage and lowers the monthly payments. Unlike the first part, this part does not require Freddie Mac or Fannie Mae to be the first lenders.

Please review our checklist of items that you will need to begin your Loan Modification process today!

Checklist Of Items Needed To Be Collected
- Mortgage Statements 1st and 2nd
- Income Documentation, Pay Stubs, Unemployment, Disability, Social Security
- Most Current SIGNED AND DATED Tax Return
- 4506T and/or 4506T EZ
- Dodd-Frank Certification
- Bank Statements, two most current ALL PAGES
- RMA Affidavit (Enclosed Attachment)
- Hardship Letter
- Home Owners Insurance Declaration Page
- Property Tax Statement
- Notice of Default (If Applicable)
- Notice of Trustee Sale/Foreclosure Notice (If Applicable)

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Checklist Of Items Needed To Be Collected

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