I’ve been hearing from a lot of people lately that have been turned down for for a Home Affordable Modification Program mod. The reasons vary and some lenders won’t even give reasons.
But did you know you can ask your lender to reconsider your modification request?
And in some circumstances they’re actually required by law to reconsider your application.
Make Them Reconsider Your Package
You lender is required to reconsider your HAMP modification under the following circumstances:
- You were found ineligible the first time you applied. It doesn’t matter whether you were ineligible either for a trial period plan or during the trial period. as long as your circumstances have changed sufficiently to impact the previous determination, or
- You received a HAMP offer but did not make the first trial period payment by the end of the month in which it was due.
If you meet one of these criteria, ask them to reconsider and if they don’t, tell them they’re required to by the HAMP FAQ dated January 8, 2010.
What If You Don’t Meet these Criteria?
If you don’t meet these requirements, you can still ask them to reconsider your package, but they’re not obligated to do so.
Home Affordable Modification, loan modification