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Loan Modification Requirements Under the
Home Affordable Modification Program
Documents needed for loan modification by the mortgage bank:
HAMP “Waterfall"--Banks will start out with option #1 and work there way down the "waterfall" until the target mortgage payment of 31% of your gross income is reached.
**HSBC, Beneficial, Household, TD Bank did not take bailout money so there is no HAMP, although they have their own in-house loss mitigation departments and MAY modify your mortgage under similar circumstances as HAMP.