Dodd Frank Certification | Information That You Need To Know
The Dodd Frank certification – Making Home Ownership Easy
Dodd Frank certification is an important part in the creation of the program meant to make affordable home as much as it may seem simple. This is that statement from you that will indicate that you will do not have a history of conviction for any crimes that concern real estate. This certification should be able to prove that you have never been convicted within the past 10 years in any crimes that involve real estate. The crimes may include felony larceny, fraud, theft, forgery, evasion of taxes and laundering of money. The use of Dodd Frank certification was introduced during the Barack Obama administration with the intention of making the grow and make it possible for individuals to own affordable homes using loans from the government and for home owners to avoid any foreclosures through modifications of government loans.
With the Dodd Frank certification home owners will be able to access housing and mortgages in a fast and easy way. The government further made it easy for loans applicants who are applying for certification for loan modification purpose by giving this service free of charge. The Dodd Frank letter or certification is offered to clients by online baking institutions and other facilities to clients as an extension service and is designed in a way that it will be unbiased in terms of validation and assessment of credibility financially and history in loan borrowing.
Benefits of the Dodd Frank certification
The Dodd Frank certification has benefits for both the lender and the loan applicant. This certification will assure the lending facility that the information provided by the borrower is right and valid. The applicant will also have his loan processed and released without any hassle. The Dodd Frank bill will ensure that only those applicants who have not been convicted for any felon that involves real estate for the last 10 years will access loans. In this way the lending facilities feel protected by the Dodd Frank letter or certification Program hence encouraging them in terms of releasing loans to qualified borrowers. This is because the lending facilities will feel protected by the Dodd Frank certification and will have no worry of lending out to a convicted felon who ahs previously defrauded the real estate industry.
Whenever you need to get a loan modification in order to avoid foreclosure you will defiantly need a Dodd Frank cert as the first weapon. This is because of the design of the MHA program to specifically help those who are faced with foreclosure. This program does not only help home owners with their problems in terms of mortgages but also ensures that the real estate economy is strong all the time. This basically means that the Dodd Frank certification is good for the growth of real estate as this way more people will be able to access affordable housing.
Acquiring the Dodd Frank certification letter is an easy process that can even be done online. Here, you will need to use your primary residence to act as the loan principal for you to qualify. To get the Dodd Frank certification the following steps are necessary:
- Get copies of a document referred to as the Request for Modification and another one called an Affidavit Form. These documents can be downloaded online.
- Filling up the field on the application will follow. All the necessary information including whether you are with a co-maker in the borrowing process and that the co-maker’s signature is available. After filling the form, dating and signing it duly, you may submit the application.
- The application you submit must include your tax papers that may be needed by the Internal Revenue Service. Other documents that you may need to attach include two of your recent pay slips.
- After all this you can now download you Dodd Frank certification application form. You can then send the application to the lending facility and wait for it to verify the information and in turn process your loan for you.
It is important to note that you can acquire the Dodd Frank cert through a legal counsel. Some online facilities will also help you in terms of processing for the certification, example the Dodd Frank certification form chase . Again, Dodd Frank Certification is introduced in February 2009 when the US President Obama and his Administration launched a new program – the Making Home Affordable (MHA), the MHA is introduced to stabilize the housing market and assist struggling house owners get some relief and avoid foreclosure.Thanks that now to acquire home is not going to be stress any more.