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Loan Modification Tips, Links and Resources - April 2010
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4/27/2010
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Overview
Mortgage modifications are not possible for every homeowner and no one can guarantee that you'll get a modification. Not all lenders signed on to the government plan to encourage modifications, and even those that have give modifications selectively. Modifications
usually require documentation of permanently changed financial circumstances (hardship), and lenders have their own way of defining what constitutes a permanent financial hardship. As a consequence, most modifications or forbearances have been on a trial or
temporary basis, often with the savings tacked onto the end of the loan.
Be prepared to provide to your lender a letter explaining the reasons for your mortgage default or financial hardship, proof of current income, itemized monthly expenses, prior 2 years tax returns*, a copy of a recent utility bill as proof of residence and
proof of paid property taxes and homeowners insurance (if not escrowed with your monthly payment). After 3 months of steady payments and more verifications, the loan mod may become permanent.
[Read more about loan modification tips and resources...]
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