We offer our assistance, expert guidance and advice along the modification process. We also assist in the negotiations with your lender, all for FREE!
Start with a phone call or online inquiry to the lender. Be honest and explain why it’s hard for you to make your mortgage payments right now. Then, let your lender know about your proposed adjustment to the mortgage.
Lenders will generally require a loss mitigation application and details about your finances to evaluate your request, and some will require that you also be delinquent with your mortgage payments, often by up to 60 days. Be prepared to provide certain information:
- Income: This is how much you earn and where it comes from.
- Expenses: Be prepared to share how much you spend each month, and how much goes toward different categories, such as housing, food, and transportation.
- Documents: You’ll often need to provide proof of your financial situation, including pay stubs, bank statements, tax returns, and loan statements.
- A hardship letter: Explain what happened that affects your ability to make your current mortgage payments, and how you hope to or have rectified the situation. Your other documentation should support this information.
- IRS Form 4506-T: This form allows the lender to access your tax information from the Internal Revenue Service (IRS) if you can’t or don’t supply it yourself.