What do I need to give to my loan servicer if I am requesting a loan modification?
You are likely to need the following documents for your loan modification request:
· Recent paystubs or documentation of your monthly gross household income
· Your most recent income tax return
· Documentation of any debts that you owe, including credit cards, student loans, vehicle loans,
etc., which shows the amount of the debts and your monthly payments on those debts
· Documentation of a second mortgage, if you have one, including the amount owed on the mortgage loan and the monthly payment amount
· Information about any other assets that you own
· A letter of explanation as to why you need a loan modification, i.e. the circumstances that have caused your financial hardship, such as job losses, medical expenses, etc.
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Additional Mortgage Loan Workouts FAQs
- What is a loan modification, and how will it help me with my mortgage?
- How do I know if I am eligible for a loan modification under the “Making Home Affordable
- What's the difference between loan modification and debt settlement?
- What supporting documentation do I need to provide to get a loan modification?
- How long does it take to get a loan modification?
- Do I need to be behind on my mortgage payments to be eligible for a loan modification under the Home Affordable Modification?
- What are the basic eligibility requirements for a loan modification under the Homeowner Affordability and Stability Plan?
- Will I be ineligible for a loan modification under the Homeowner Affordability and Stability Plan if I am current in my mortgage payments?
- Will I be eligible for a loan modification under the Homeowner Affordability and Stability Plan if I am behind in my mortgage payments, but my house is not yet in foreclosure?
- Should I have an attorney help me with a loan modification - or do it myself?
- How do I know if my loan servicer is participating in the Homeowner Affordability and Stability Plan?
- Are all mortgage loans eligible for refinancing or loan modification under the Homeowner Affordability and Stability Plan?
- What options does a creditor have after a borrower defaults?
- Can I refinance or modify the loan on my rental home or duplex?
- Do I have to undergo debt counseling to participate in either the loan modification or refinancing programs under the Homeowner Affordability and Stability Plan?
- When and why does foreclosure begin?
- My loan is scheduled for foreclosure. What should I do?
- If I'm current on my mortgage will the Home Affordable Refinance Program help me?
- How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
- I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?
- Will refinancing lower my payments?
- Will refinancing my mortgage under the Home Affordable Refinance Program, or other programs, reduce the amount that I owe on my loan?
- How do I apply to refinance my mortgage under the Home Affordable Refinance Program?
- Who is eligible for a loan modification under the Home Affordable Modification Program?
- Can lawyer really help with a loan modification?