To obtain the most favorable loan modification from your lender you will need to provide information and documentation to support your request. Below are a list of documents that you will need to submit to us before we can begin your loan modification negotiations.
1. Three (3) most recent pay stubs from your current employer. If you are self employed you will need to provide the three (3) most recent month's P&Ls for your business and supporting banking statements.
2. Three (3) years most recent W-2’s. (1099s if you are a contractor)
3. Most recent mortgage statement (Includes additional statements for second mortgages or home equity lines of credit).
4. Three (3) most recent bank statements (for each bank account).
5. Two (2) most recent Federal income tax returns.
6. Personal Financial Statement. (This form is included in your document package.)
7. Cover Letter explaining your current financial situation and why you believe that your loan should be modified. Include any extenuating circumstances such as illness, ARM-adjustment, job loss, etc. Also note why you believe you will be able to carry out your modification plan ie. new job, lower payment etc.
On the average it takes about an hour to gather the information needed. Don't be too concerned about the content or format of your cover letter, in most cases we will edit and re-write it after a telephone conversation regarding it's content. We will then submit the final copy to you for your approval, It is only important that you give us as much relevant information as you can in the format that you are most comfortable with. A brief outline will do.
The time that you spend putting this information together for your loan modification can pay off for years to come.
Time Is Ticking!
Now is not the time to wait. You will have plenty of that to do while your negotiations are taking place.
If you cannot locate your documents we may be able to assist you in obtaining a copy on a rush basis. If you have questions about your documentation please don't hesitate to email or call us.
Better Information
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Better Results
