If you are denied for a trial payment plan or a permanent loan modification under the Home Affordable Modification Program or HAMP * Making Home Affordable

Follow these guidelines to submit your request for a RE-EVALUATION OF THE NPV (NET PRESENT VALUE).

STEP ONE: You only have 30 calendar days from the DATE OF YOUR DENIAL OR NON APPROVAL NOTICE to submit a request for a re-evaluation of the NPV TEST.

** This only applies to you IF you where DENIED due to NET PRESENT VALUE (meaning value of your home deemed by your lender).

STEP TWO: Send your WRITTEN request, signed and dated by you with supporting evidence WHY you think the value from the servicer is incorrect.

What are some of the supporting evidence documents can I send?

o An independent appraisal (you paid for) or Broker Price Opinion done by a real estate professional

o Comparables of other homes that are similar to yours in size and amenities, you can contact a local real estate agent to help you.

o Zillow.com and or Cyberhomes.com have tools to use to find comparable tools

STEP THREE: PAY $200.00 that is used as a credit for the lender/servicer to confirm the value you are trying to support. You have only 15 days from notification that the preliminary NPV result is positive.

Why do I have to pay $200.00? If you send the lender supporting a different value than theirs and you are approved for a loan modification trial plan or permanent loan modification, the lender/servicer still reserves the right to confirm this information by performing their own independent appraisal.

STEP FOUR: JUMP FOR JOY!! If the lender/servicer agrees and you pass the NET PRESENT VALUE TEST RE-EVALUALTION and you qualify under all other HAMP guidelines and are approved for assistance!

If the lender preformed the evaluation with an appraisal and you would like a copy of the results of the original NPV, you are entitled to a copy of the original results.

Article Source: sooperarticles.com/finance-articles/mortgage-articles/steps-follow-if-you-denied-loan-modifcation-under-hamp-due-net-present-value-263194.html

About Author:

freeMortgageFix.com offers a new software for users to check potential eligibility for Federal mortgage payment assistance via the Home Affordable Modification Program (HAMP). In 15 minutes users can register without any commitment or credit card, complete a questionnaire and receive a FREE lender ready package in seconds! The report includes detailed analysis and populates the appropriate lender forms so users can submit for a loan modification with ease and for FREE. The Contributing writer for freeMortgageFix.com has over 10 years in the mortgage field and over 3 years specializing in the foreclosure housing markets.Author: Ann Dillon