What is a Home Loan Modification?
Why a Loan Modification Versus Refinancing My Mortgage?
Am I Eligible for a Loan Modification?
- Experienced a documented hardship or change in financial circumstances
- Missed three payment (90 days delinquent) or more
- Owns and occupies the property as a primary residence
- Not filed bankruptcy
- Do not purposely default to get a loan modification
- Make sure you are responsive in working with your lender
Where Do I Get a Loan Modification?
What Do I Need to Show the Bank?
- You have had a material change in your financial circumstances
- You have made every effort to make your mortgage payments
- You have been cooperative and responsive in working with them
- You are not in any way purposefully defaulting to get a loan modification
- You are willing to be open, honest, and provide all necessary documentation
What Documents Will I Need?
- A letter documenting and explaining your hardship
- Proof of current income and capability to make modified loan payment
- Detailed monthly expense report or budget