Request For Modification And Affidavit Form

An income and expenses financial worksheet. tax returns (often, two years' worth) recent pay stubs or a profit and loss statement. proof of any other income (including alimony, child support, Social Security, disability, etc.) recent bank statements, and.

You may be able to reapply or modify your application if your reported and actual income don't match up, but many mortgage servicers will simply deny your application. Calculate a new monthly budget and cut unnecessary expenses to the bone.

All modifications be in writing. All parties involved sign the modification. In appropriate cases, the modification should be recorded. The title company and attorneys be involved early in the process to properly structure the modification to protect the lender's interest at the lowest cost.

A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn't pay off your current mortgage and replace it with a new one.Loan term changes: If you're having trouble making your monthly payments, your lender may modify your loan and extend your term.

The loan modification underwriter will analyze and review the particular circumstances which justify a loan modification. The underwriter will evaluate and assess the borrower's financial status, current income and asset situation and ability to pay.

There is no legal limit on how many modification requests you can make to your lender. The rules will vary from lender to lender and on a case-by-case basis. That said, lenders are generally more willing to grant a modification if it's the first time you're asking for one.

Be at least one regular mortgage payment behind or show that missing a payment is imminent. Provide evidence of significant financial hardship, for reasons such as:

A loan modification can result in an initial drop in your credit score, but at the same time, it's going to have a far less negative impact than a foreclosure, bankruptcy or a string of late payments.If it shows up as not fulfilling the original terms of your loan, that can have a negative effect on your credit.