Step by Step Loan Modification (HAMP or Obama Foreclosure Program)

Please make sure you are ready for a "do it yourself" loan modification. It is your home we are talking about.

1. Get to know if you qualify for the program:

You will have to read the questions and answer in this site ( Complete information about Obama Loan Modification) . You can also fill out the form here and someone will contact you and tell you if you qualify for a Loan Modification ( Obama or otherwise). This could be your second opinion
You should know:
- Is your home value within the limits of the program ( Click here to see the limits)
- Is your housing expenses/income ratio high enough
- Is your mortgage a Fannie Mae (click here to check ) or Freddy Mac ( check here)
- Is your lender participating in the program?

2. Fill Out the Required Forms to Apply for a HAMP Loan Modification:

After you know that you qualified and your lender participates in the program you need to request the official forms to apply for a Home Affordable Loan Modification ( or Obama Loan-Mod). There are many kinds of loan modification. The forms are for the Obama Plan. If you are using help check that the questions that you answered and info that they request are the same that you see fromt he forms. Just click on the following links, print 2 copies of the forms and filled them out.

- Print the forms to Apply for an Obama Loan Modification ( Click Here )
- Print the Instructions to fill out the forms ( Click Here)
- Print the Request for you Tax Return ( Click Here)

3. Mail the Forms to Your Servicer

Mail out one copy of the forms to your servicer ( look for the mailing address here) and keep the other for you as reference. Use Fedex, UPS or the USPS ( ask for the delivery confirmation service, return receipt and signature confirmation). It is very, very important that you have proof of delivery of your documents.

Remember your servicer name is in your mortgage payment receipt. Check where to send the documents ( click here for the list of servicers ). The addresses were provided by " The making home affordable" website ( the government site for the Obama mortgage program )

Click here to see the "Exact Address" where you need to send the forms to your servicers.

4. Confirm That Your Servicer Receive The Forms (ALL OF THEM)

After you confirm that your documents where delivered ( using the tracking number in Fedex, UPS or USPS), call them and confirm that they receive your documents.
Ask if they have assigned a "case", "process", or any other number to your loan modification application.

Keep calling at least 2 times every week to know what the status of your loan modification is. If you are not getting any response call every day. We know many cases where they loss the documents after 2 months into the process...

5. Receive your Letter of Offer for a Permanent Loan Modification

If you receive the offer for the "trial period" it doesn't mean that you got your loan modification. They can offer you the "Trial Period" just with the initial forms. Keep calling and ask what the status is. Ask if the letter to offer you a "PERMANENT" loan modification under the program has been mail.
You should receive the letter offering a permanent loan modification before your trial period (three months) expires.

Now you know why we recommend that you get professional help getting a loan modification. If you already hired a company, agency or are working with a housing agency once in a while call your servicer too. Keep on top of the process. If there is an error it can cost you your house.

We would like to invite you to get a FREE consultation with a private loan modification agency. They will qualify you and tell you what options you have to lower your mortgage payments and avoid foreclosure.

If you are behind in your payments click here.

If you are not behind on your payments click here.

If you are not behind and think that your loan is bigger than the value market of your house fill out both forms: see what option is available to you.