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Do I Qualify For A Loan Modification?
You need to show that you have a legitimate financial hardship to qualify for a home loan modification.
You need to show that you have a legitimate financial hardship to qualify for a home loan modification.
- Long Term Illness or Disability
- Death of a Family Member
- Natural or Declared Disaster
- Uninsured Loss of Property
- Sudden Increase in Housing Costs, Including Hikes in Property Tax or HOA Fees
- Divorce
- Significant Loss of Income
Does Home Loan Modification Hurt My Credit Score?
Loan Modification does have a negative impact on your credit score but this is less than the impact that foreclosure or bankruptcy can have.
Loan Modification does have a negative impact on your credit score but this is less than the impact that foreclosure or bankruptcy can have.
What are the benefits?
- May reduce your monthly mortgage payments to a more affordable amount
- A new start through changing the original terms of your loan
- Less damaging to your credit score than a foreclosure or bankruptcy
- Avoid foreclosure. Stay in your home.
What Documents Do I Need To Make A Loan Modification Request?
Below are some of the documents necessary to see if you meet the loan modification program qualifications:
Below are some of the documents necessary to see if you meet the loan modification program qualifications:
- A hand-written letter explaining your hardship
- Two current pay stubs for you and your spouse (or any other borrower on the loan)
- The two most recently filed federal income tax return (or proof of filing extension)
- Two months of current bank statements for all accounts
- A completed authorization document to disclose information to your attorney
- The most recent correspondence with your mortgage servicing company
- Your most recent mortgage statement and account information
- A completed financial statement signed by the borrower and co-borrower