How Do I Qualify for a Loan Modification?

If you fall into one or more of any of the following or if any of them apply to you, you are most likely eligible for a loan modification:

 

Sub-Prime Loan	Foreclosure
100% finance	Death
Home value depreciation	Disability
Bad credit	Serious illness
High Loan To Value	Major medical expense
Behind on mortgage payments	Natural disaster
Loss of job	Child care expenses
Loss of income/salary reduction	Property tax increase
Divorce	Unavoidable home repairs
Adjustable Rate Mortgage (negative amortize)

 

In order to qualify for your loan modification, you will need to provide us with the following information: EXPLANATION OF FINANCIAL HARDSHIP

 

We will need you to explain in detail the reasons behind your financial situation. You will need to provide proof of your hardship claim such as medical bills, death certificate, unemployment stubs, divorce decree, etc. If there is more than one borrower, each person needs to complete a separate form. This information will be presented by us to the lender in the form of a “hardship letter.” A hardship letter is a written statement explaining why the mortgage is either in default or may be going into default. It is required by all mortgage companies in order to qualify for any type of loan modification (also known as loss mitigation). If you do not have a valid hardship you will not be considered for a plan to modify.

 

For a sample hardship letter, please click here Sample 1 Sample 2.

 

 

FINANCIAL WORKSHEET:

 

In an effort to determine whether or not you will be able to meet any new monthly loan payment both now and in the future, the lender will examine both your income and amount of debt. We have drafted a financial worksheet which we provide to the lender on your behalf as part of the loan modification application.

 

COPIES OF MOST RECENT PAYROLL STUBS and W’2 FORMS:

 

You will need to provide us with copies of your most recent monthly pay stubs along with your W-2 forms from the last two years. If any of the borrowers are self-employed, we will need copies of each of their original signed and dated tax returns, including all schedules for the most recent tax year.

 

COPIES OF YOUR MOST RECENT BANK STATEMENTS:

 

You will need to provide us with the last three months of bank statements from your checking accounts, and the last month’s statement from any and all savings accounts. Please ensure that all pages are included in the bank statements. We have had unnecessary delays in assisting clients with their loan modifications because pages from the bank statements were missing.

 

COPIES OF HOUSEHOLD BILLS:

 

Please provide us with copies of any and all household bills, property tax and home owners insurance, home owners association, coupons from your lender about mortgage payments, any and all statements from your lender regarding late payments or foreclosure notice, etc.

Fill out the form below to get started

First Name :
Last Name :
Phone Number :
Email :
Property City :
Property State :	Select AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelaware District of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndiana IowaKansasKentuckyLouisianaMaine MarylandMassachusettsMichiganMinnesotaMississippiMissouri MontanaNebraskaNevadaNew HampshireNew JerseyNew Mexico New YorkNorth CarolinaNorth DakotaOhioOklahoma OregonPennsylvaniaRhode IslandSouth CarolinaSouth Dakota TennesseeTexasUtahVermontVirginiaWashington West VirginiaWisconsinWyoming
Employed :	SelectYesNo
Mortgage Balance: (including 1st & 2nd)
Mortgage History :	Select Current One Payment Behind Two+ Payments Behind In Foreclosure
Hardship :	Select Payment Increase Rate About to Adjust Loss of Job Death Medical Separation/Divorce Other
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