New Home Loan Modification Rules Coming
* All servicers will be required to get financial documentation first.
* Only 13 percent of trial modifications have become permanent.
* Servicers that got accurate financial information had higher conversion rate.
If you want to get a modification to prevent foreclosure, soon you will have to supply financial documents upfront — including paycheck stubs and an income tax form.
The new loan modification requirement is the latest update in the Obama plan to reduce home foreclosure.
HAMP — the Home Affordable Modification Program — is designed to help homeowners who can no longer make their mortgage payments….
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UPDATE – New video explains some of the changes banks are making now!