* All servicers will be required to get financial documentation first. * Only 13 percent of trial modifications have become permanent. * Servicers that got accurate financial information had higher conversion rate. If you want to get a modification to prevent foreclosure, soon you will have to supply financial documents upfront — including paycheck stubs and an income tax form. The new loan modification requirement is the latest update in the Obama plan to reduce home foreclosure. HAMP — the Home Affordable Modification Program — is designed to help homeowners who can no longer make their mortgage payments. If homeowners meet a long list of eligibility requirements, they can have their mortgages modified with lower monthly payments. Each HAMP modification is done in two stages. First, there is a trial modification that usually lasts three months. If the homeowner makes those three payments on time, and meets all the eligibility rules, the modification is made permanent. www.bankrate.com

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