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Recent recession brought many unpleasant consequences to U.S. households: raising unemployment, declining income, and falling real estate market. All combined, it increased the number of foreclosures to historic maximum, and required immediate action on the part of the government. It followed shortly with introduction of the Home Affordable Modification Plan (HAMP) that was introduced as a part of the economy stimulus plan. As HAMP has many attractive features and incentives to homeowners, allowing avoiding foreclosure and restructuring existing mortgage, many lined up to apply.
While qualification criteria seemed to be straightforward and the process initially appeared to be quick and painless, there were a number of instances when consumer applications have been denied. If you are one of the many who applied for HAMP though Bank of America and were denied, there is no need to give up on your hopes for continued homeownership and affordable monthly payments. While rejection may be very disappointing and discouraging, there are a number of things you may do to make your HAMP application a success.
Be Patient
Being rejected once sounds disappointing to you. How about three or five times? There are quite few homeowners who were rejected multiple times, but, after several persistent attempts, they were approved. In many cases, an application rejection is not your fault, but inattentiveness of the Bank of America representatives. In other cases, it is just miscommunication that may cause your application to be rejected. Therefore, be patient, yet persistent. Try to get a positive mental attitude along the way, and be communicative and attentive to details.
Get All Your Paperwork in Order
Failure to comply with paperwork requirements is one of the most common reasons for HAMP application denial. Many applicants often neglect to pay enough attention to paperwork requirements and either fail to supply all required documents, or forget to double-check that everything is in order, often missing small, yet important, pieces. Do not make such a mistake, as it may cost you extra effort and hassle in the future: always comply with all paperwork requirements set by the bank, and double-check your application packet before sending it to Bank of America to ensure everything is in place.
Protect Your Rights
The stimulus plan, introduced by Obama Administration, including HAMP, caused banks and mortgage companies, like the Bank of America to get overwhelmed with consumer requests and applications. Due to high volumes of applications, bank departments are working at a higher pace, which causes many processing mistakes and, as a result, application denials. If you know for sure that you do qualify for HAMP, do not hesitate to jump over the heads and escalate your request to the highest level possible. Remember, you do have certain rights under HAMP, and a mistake made by a bank clerk should not result in losing your home.
Despite all the difficulties that many consumers face when trying to take advantage of HAMP, it is definitely worth it. For some, it is the only way to keep their home, for others, it is a great money-saving opportunity. No matter what your individual case may be, you may take advantage of HAMP, ensuring lower payments that are easy on your family pocket, and keeping your house at the same time. |
