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Do I meet the requirements for a mortgage modification

By: Robert D. Thomson

In many occasison a homeowner is set up on a repayment plan prior to implementing a mortgage modification which allows a lender to monitor the financial condition of a homeowner during the repayment plan period to be sure the homeowner will be able to make payments. There are significant forms required that are reviewed by a lender

Hardship Letter:
To qualify for a mortgage modification homeowner must have a valid hardship. The hardship must be documented and given as many particulars as possible to support your case. A is extremely biased and pretty much a formality in the course of getting a mortgage modification. There are a few adversities that are considered charitable and do not meet the criteria quitting a job or decreasing the amount of hours worked are typically not accepted. The adversities are documented and if there is an additional default the homeowner can not use the same reason for default otherwise their previous adversities was really not over and in many instances the homeowner is denied a loan modification.

Financial Statement:
This is used to verify the homeowner ability to pay. This is typically the first document looked over by the mortgage company mediator. This document must clearly indicate monthly earnings and expenses as well as current assets and liabilities. This is what makes and breaks the entire loan modification review. This document also shows whether or not the homeowner will be able to make payments if the loan is modified. There must be a surplus earnings at the end of the loan modification or else the plan will be denied. The plan must be affordable. If a homeowner is severely over-leveraged with debt there is little chance that a loan modification will cure the delinquency. Monthly expenses are reviewed to determine what bills are necessary and what are unnecessary. Necessary expenses are food, utilities and gas and an example of unnecessary are entertainment expenses, expensive phone plans and unsecured debt. Household expenses loan payments, utilities, and taxes take up most of the monthly budget. Do not make fixed costs look unreasonable will be a red flag to get further detail. The negotiators will always look for assets that can be liquidated.

Proof of Salary:
The proof of earnings is usually a paycheck stub, a P&L Profit and Loss Declaration if self employed, or checking account statement showing paycheck deposits. The proof of earnings is required to prove the homeowner has steady earnings. The homeowner must also give frequency of earnings. The proof of earnings must correspond with the earnings shown on the financial statement. Resolve any discrepancies

Article Source: http://www.cursebustersound.com/article

Donald Morris the writer of Foreclosure Help. There is more information about loss mitigation at Stop Foreclosure. Also read our blog about Foreclosure Help

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