Why Is It Harder Now to Get a Home Loan Modification?

In the past, some banks would approve you just based on a phone interview or the submission of a HAMP application. Not now, new home loan modification rules require homeowners to supply financial documents upfront- including pay stubs and tax returns.

The modification programs are designed to help homeowners who can no longer make their mortgage payments. If homeowners meet a long list of eligibility requirements, it is likely they will receive assistance. In recent months, the banks are really scrutinizing the financial documents and making homeowners jump through hoops while still playing a lot of the same games, such as “ we never got your paperwork”, “send us in new paystubs”, “.you are under review for the past 6 months”. Now more than ever it is imperative that you have a seasoned professional fight to save your home!