What Documents Do I Need To Submit In My File To Get A Successfully Approved Loan Modification So I Can Stop Foreclosure On My Home?
Hopefully by now you’re well on your way to getting your loan modification submitted and approved so that you can stop foreclosure on your home, and actually keep it.
While every lender has a different set of guidelines for exactly what they need to see in order to approve a loan modification, most of them have the same general information that they are going to collect.
Here is a list of the information that you can pretty much guarantee you’ll need to collect. The sooner and faster you can compile all of this supporting documentation, the better chance you will have of getting your loan modification approved and avoiding foreclosure on your home.
The first thing that you’ll need to do is to complete an income and expense worksheet. This should be sent to you by either the company or person helping you with your loan modification, or your lender. When you are completing this form, please remember to be as detailed and as accurate as possible.
After this, you’ll also need to collect the first three pages of your Federal (not your state) tax returns for the past two years. In addition, you’ll also need your W2’s for the past two years.
You should also submit one mortgage statement (two if you have two loans) showing your loan balance, loan number, and other important information about your loan.
You should also start gathering copies of all of your utility bills, as many lenders now require this. This would include bills for phone, cable, gas, water, electric, heat, etc.
The two most recent pay stubs, for all employed people in the household should also be collected. In addition to pay stubs, you should also provide proof of any other income that you can document. Examples of this would include Social Security income, retirement income, any rental income that you might be getting, child support payments, food stamps, or any other applicable income that you can prove that you have and get on a regular, consistent basis.
You’ll also need to collect your last two months bank statements from your primary checking account. They key here, however, is to make sure that you have all pages of the bank statements, not just the cover page. If for some reason you can’t find all of the pages, you can always go to your local branch, and ask them to print up a 60 day history for you, and be sure to ask the teller to stamp, date and initial each page they print for you. Of course, if you have multiple bank accounts, you’ll want to do this for each bank account that has activity in it.
You should also gather copies of all of your expense statements. In other words, all car loan statements, credit card statements, and other loans you might have, etc. One statement for each expense should be fine.
If you’re self-employed, you should also include a 3-6 month history of your business banking records (all pages) along with a profit and loss statement for the past 3-6 months.
If you’ve filed for bankruptcy in the past, you will also need to collect your Letter Of Reaffirmation (if you filed a Chapter 7 Bankruptcy) and copies of your dismissal or discharge paperwork.
Finally, you’ll need to include a copy of your hardship letter. For more information on how you can easily write a hardship letter to help you qualify for a loan modification, please visit our article on how to write a hardship letter.
If you can collect all of this important documentation quickly, and deliver to the person helping you with your loan modification, the chances of approval and getting your loan modified and stopping foreclosure will increase dramatically.
Don’t let the simple task of collecting this documentation get in your way of a successful loan modification approval and the saving of your home from foreclosure.
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