Loan,Modification,Success,all, finance, share, loan Loan Modification Success: Its all in the Details
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You probably heard about it your next door neighbor got a cold shrug when he applied for a loan modification. And now, youre thinking of applying for one, but youre scared youll get the ax, too. The truth is, its not enough that you can make a rebound and pay your modified loans if ever you get a nod from your lenders. Whats more important is how you can convince them that you can make the rebound. And how do you do that? Look to the details before you start applying for your loan modification. Heres how:Write all of them down. There are some moments when lenders lose track of your application. Its not uncommon for lenders, especially those who operate smaller businesses to lose track of your application. To prevent delays and rushes, make sure all your actions are documented and kept on file. This includes everything from all the calls you make and receive, both from your lender and loan modification attorney. Also keep the receipts of all your transactions, and make copies so you dont have throw away the originals.Unleash your inner accountant. Your financial worksheet will be an important basis in determining your qualification. There are lenders who provide their own forms, but it wouldnt hurt if you make your own as well. You may or may not use it if your lender tells you to use their own worksheet. But at least it would save you time when youre transferring what youve written on their form.Specify, specify, specify. Most of these documents are commonly asked by lenders during the initial stages of negotiation. Use this list to help you get started. o A Hardship letter. This is a short letter giving a detailed description of the situation you are in and the reasons why you cant pay your current loan. o A copy of your federal income tax returns for the past two yearso A copy of your W-2 forms for the past two years.o A Copy of your bank statements for the past two months (The lender is less likely to grant you a loan modification based on hardship if you have a lot of money in the bank)o A copy of your pay stubs showing your income from your job for the past two months.o A copy of your most recent mortgage statement.o A copy of your most recent property tax statement (if escrow payments for property taxes are not given on your mortgage statement).o Valid copies of documents that support your hardship claims, such as a pink slip from your work, divorce papers, hospital bills, death certificate, etc.o Borrower information sheet / Financial Worksheet that shows your income and assets. This is also similar to the Uniform Residential Loan Application 1003 when you apply for a loan.o A proof of homeowners insurance (if escrow payments for homeowners insurance are not shown on your mortgage statement). Ask your insurance agent about it. o Your current financial statement / financial worksheet that specifies your monthly income and expenses. It also shows how much you are coming up short each month with the current house payment.o Projected financial statement detailing any modifications to your monthly income and expenses and the payment amount you will be able to afford if you are approved.o A copy of letters from credit counselors that demonstrate your commitment to straighten up your finances and the steps you are taking to achieve that goal. o A cover letter or form explaining why youre submitting all these documents and giving a list of all the documents included in the package. Also make sure the cover letter includes your name and account number.Maintain your bills. The financial worksheet will require you to get out all your old bills and hold on to the ones that keep coming. You may also need to show them or even copies of them along with your hardship letter, which explains why you need a mortgage loan modification. Make sure that you submit only verifiable records so you can prevent disruptions. The more truthful and detailed you are in your documents, the better your chances of getting your loan modification approved by the bank.
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