With the government-backed Home Affordable Modification Program (HAMP), the demand for hummingbird loans good installment loans for bad credit modification and loss mitigation assistance has risen to historic proportions. US Treasury Secretary Tim Geithner announced on October 9 that the Obama administration's HAMP had enrolled its 500,000 participant. Information from other related sources report however, that out of the 200,000 loan mod trials in progress, less than 1300 borrowers have actually entered the permanent modification phase, which means they have been in the loan modification set-up for at least 6 months and are continuing to comply with their modified loan terms and conditions. That's actually less that one percent with the remaining 99% being in the 3-5 month trial period.

Earlier in July, the HAMP originally targeted 500,000 home loan modifications by November 1st after it released the initial program guidelines early in March of 2009. Surely, it did enroll its 500,00th participant for qualification procedures before the November 1st deadline, but the truth of the matter remains that less than 1% are actually benefiting from the respite this program is suppose to provide every qualified distressed homeowner.

Michael Young, vice chairman of the Mortgage Bankers Association, attributes this snail-paced progress to the fact that 99% of loan modification application packages are incomplete. This has led to the supposition that a large percentage of the 500,000 will never submit the necessary complete documentation to qualify. Also of concern among hummingbird loans lenders not brokers poor credit servicers is the likelihood that some homeowners may just employ the trial period as a tactic to delay foreclosure proceedings on their properties.

If you're one of those distressed homeowners serious about getting a modification on your existing mortgage, YOU, and not a loan mitigation expert or loan servicer, are the best person to set things in motion. No one will fight to keep your home better that you will, no matter how much experience and success rates these specialists boast of. Together with a comprehensive guide on the loan modification process, all you will need is a professionally designed loan processing system that will give your lenders exactly what they need - a bank ready application complete with the required documents, letter requests, projections and reports.

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