Modifications and what you need to know your bank is going to ask from you

Loan Modifications are getting approved everyday but I want to take this time and remind people and also educate you on what your bank will ask from you and how the process works.

First thing first the loan modification process will test your patience! Banks right now are so behind on requests for loan modifications. That said the process can take anywhere between 3 months or more than 1 year depending on your situation...

Remember that banks will ask for:

1. Complete tax returns for at least 2 years
2. 1 to 2 months of bank statements
3. 1 to 2 months of pay-stubs
4. Signed hardship letter explaining your financial hardship.
5. Monthly Break down of your Revolving Debt and Living Expenses.
6. W2 for the last 2 years.

If your a self employed Person they will ask for a lot more! (Email me) and I will send you a list!

What gets Homeowners denied is that your bank is going underwrite this loan modification request as if you were buying the home so they will analyze your financial picture. All banks have different Guidelines they will look over and some banks will do a loan modification if you have no money left over on your budget and some request a Net Plus of income to approve a loan modification. I know it's confusing but that's how the banks work.

I would advise anybody that you can do this on your own----but if you do not have the time to follow up sometimes (DAILY but many times weekly) OR get the the requested Documents banks may ask in a timely manner than hire someone to do it for you. In most cases you do not need an attorney to do this! Only if you have proof that you have been wronged when you received your loan or feel you the bank has broken laws when you received the loan would i say to go and hire an attorney! I have successfully done many modifications to state this.

Hope this helped! Remember! Don't Give up and If you need help feel free to contact me with any questions you may have! 800-208-4753 OFFICE OR REFIONCE@GMAIL.COM

ASK ABOUT OUR HOLIDAY SPECIAL! NO UPFRONT FEES CHARGED UNTIL THE LOAN MODIFICATION IS APPROVED!