LOAN MODIFICATION

Hello as promised this is the 2nd installment of the Mortgage Education Blog.

Lately the question that everyone is asking “what will my lender need from me if I want to do a loan modification”. Well before any lender can recommend the most appropriate workout option, it is important that they have a complete understanding of your current financial situation. As part of this process most lenders will require the following documentation:

1. Hardship letter (this letter needs to outline what has caused you to fall behind on your bills, loss of job, illness etc.)
2. Most recent tax returns (1040’s)
3. Most recent paystubs ( normally the last 2)
4. List of expenses
5. Most recent bank statement
6. Copy of your property tax bill
7. Copy of Homeowners Insurance Declarations Page


The most important thing is to contact your lender immediately!! Do not delay the sooner you contact them the sooner you can begin the process. Now with each lender there may be additional documentation needed but the above documents will start the process. As always if you have any further questions please visit www.financialstablity.gov or you can email me at yvonnel.long@gmail.com and I will be glad to help you!