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Even if you experience a real and complete hardship, you won't get a loan modification if you can't meet certain income standards. If you lose your job completely and it doesn't look like you'll find another for the same income amount, you could be denied for modification.
-The borrower's income was not sufficient to support the modified payment amount. -The borrower had already missed too many payments before applying for the modification. -The property value had declined, making it worth less than the outstanding loan balance.
How to Get a Mortgage Modification Gather Initial Paperwork. ... Get in Touch With Your Loan Servicer. ... Complete and Submit a Formal Application. ... Complete Trial Payments. ... Await a Final Mortgage Modification Decision.
Required Paperwork Application. The first thing you'll need to complete a loan modification is your mortgage lenders application. ... Paystubs. ... Signed IRS form 4506-T or 4506-EZ. ... Two Most Recent Bank Statements. ... Investment Statements. ... Monthly Bills. ... Divorce Decree or Separation Agreement (if applicable) ... Hardship Letter.
Sample Loan Modification Letter I am writing to request a loan modification in order to continue making payments on my loan. The account number is . Based on my and expenses, I cannot make my loan payments. In place of my payment of per month, I ask that you alter my payments to , which will be paid .