Loan Modification Revisions For 2012

If you're a home owner looking for a way to save your home from foreclosure, you could be able to benefit from a loan modification in 2012. Everything may seem difficult right now, but there are programs available to help you out of your financial problems and save your home. So hold your head up! Don't give up. Let's take a look at what kinds of programs are available to help you.

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What You Ought To Know About The Latest Government loan modification program

As a new year stepped in, many of the difficulties from the previous year when it came to loan modifications, although not forgotten have been improved. The leading servicers of home mortgages are operating extremely hard to right the wrongs of 2011. This means good news for you and many other homeowners looking for a loan modification in 2012.

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The government home loan modification program is still in effect. About one million homeowners have already been permitted loan modifications. The goal is for some other 5 million to get modifications as well. The rules still apply however, so if you need to apply for a loan modification you will still have to make sure you prepare your paperwork correctly.

The Qualification Requirements Are Still The Same But With A Little Less Paperwork!

The paperwork required to apply for the government loan modification program has been streamlined in order to speed up the process.

Contact your servicer and ask if they have been participating in the government's loan modification program. Once they do not, then ask them about their own loan modification programs and see if you meet the requirements. If your servicer does participate in the government mortgage loan modification program, tell them you intend to apply.

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Documents Needed For A Loan Modification In 2012

You'll need to give your servicer the following documents:

> Ask for mortgage assistance or RMA - This is a form that paints a transparent picture of your finances to assist your servicer in determining your eligibility. Make two copies. Hold one for your records and then send the other to your servicer. Be sure to follow the instructions carefully and be sure to fill the RMA out perfectly.

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> Verification of your income. - This one is pretty easy to understand. You'll need documents proving your income so that your servicer ascertains whether or not you will be able to make the modified loan payment. The precise documentation depends on the source of your wages. There will different documentation for a regular salaried homeowner than that of someone who may be self-employed.

> A form from the IRS - 4506T-EZ or 4505T - This is an authorization form which allows your servicer to request your latest tax information directly from the Internal Revenue Service.

Once you complete all of the above you will send them to your servicer for processing.

The Process Starts

During the application process, you should make every effort to keep in touch with your servicer. Follow up regularly to check the status of your loan modification.

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Ask For Assistance From A Professional

We know it's a stressful time and it could be overwhelming trying sort everything out. However you don't have to deal with your servicer alone. Consider the expertise of a professional loan modification service to help you with paperwork as well as assist in your loan modification negotiations.

Give yourself every opportunity to achieve it. Contact a loan modification service right now. Before you realize it you'll start to feel like your old self again!

A loan modification in 2012, could possibly be the solution to saving your home

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