What supporting documentation do I need to provide to get a loan modification?
There may be certain information required by your lender that varies depending on the particular loan modification program for which you are applying. However, generally it will help your lender if you gather the following basic information:
• Information about the monthly gross (before tax) income of all the borrowers on your loan, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about any second mortgage on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
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?
- 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 do I need to give to my loan servicer if I am requesting a loan 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?