If you haven't already applied for a loan modification and you are wondering how to get started this article will point you in the right direction. So let's get started!!
1) Documenting your income:
W2 employees: 2 most recent pay stubs
Self employed: A quarterly profit and loss or a 3-6 month profit and loss
** This will only have your business expenses (do not include personal).
2) Assets:
Bank statements: provide ALL pages to your checking & savings accounts
** remember if you have more than 3 months of principal and interest in your checking, savings (including 401k's) you will NOT qualify for the Home Affordable Modification Program "HAMP".
3) Hardship Letter:
Sign and date this letter: You want to keep it short and to the point. DO not turn it into a novel! One page is enough and should explain the following:
A). what caused you to fall behind? Give a time line date and month when it started. *This time line must match up with your delinquency
B). is the hardship over? IF so when did it stop?
4) Request for Modification Affidavit (RMA): This is the actual government application form. Nothing on this form can be left blank, especially the DOB (date of birth), social security numbers. Make sure you review carefully before submitting. SIGN AND DATE!
5) 4506 T or 4506 T EZ: This is the government's request for copies of your tax returns filed with the IRS. You will need to provide this even if you have given the lender your tax returns. Make sure you sign, date and fill in your phone number.
6) Financial statement: A breakdown of your monthly expenses and income.
7) Other documents: You may have other sources of income for example: rental income, renting a room, child support, alimony. You will have to show proof or this other income and the documents required by the lender may vary.
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