|
|
|
Loan Modification | Best Loan Modification:
|
Loan modification is a change in the loan contract terms, such as the loan amount or interest rate, agreed to by the lender and the borrower. The common modifications right now are those made to reduce the loan amount to offset the depreciation in the home value and to reduce the payment burden on borrowers faced with impending interest rate increases that will make monthly payments unaffordable.
Modifications are made when borrowers can no longer meet the financial requirements to make their monthly mortgage payments. Lenders look at loan modifications on a case-by-case basis. The burden of proof is placed on the borrower.
You must show the lender loan modification is less costly to them then a foreclosure. This is where our experience helps you. Depending on your lender, they will request different items to help modify your loan.
Things lenders typically need:
- Your loan account number.
- A brief explanation of your circumstances. This is sometimes also referred to as a hardship letter.
- Recent income documents (such as Pay stubs; Benefit Statements from Social Security, Disability, Unemployment, Retirement, or Public Assistance. If you are Self-employed, have your tax returns or a Year-to-date Profit and Loss Statement available for reference)
- List of household expenses.
- Depending on your lender's requirements and requests, we may need different forms filled out by you throughout the process.
We make every attempt to make this process as seamless and simple for you as possible.
|
| |
|
