Struggling homeowners who want to apply for a loan workout with their lender will need to submit the required loan modification forms for review to determine if they will qualify for assistance. What are these forms and where can you get them? How can you be sure that you have completed the necessary forms properly so that you have the best chance for approval? Here is some helpful information on how to complete them correctly:
Submission Sheet-This form briefly outlines your request for a loan workout and explains to your lender what your payment goal is. This is where you request that certain terms on your current loan be modified to result in a mortgage payment you can afford. Be sure to provide all of the pertinent information completely.
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Document Checklist- The loan modification form that helps you provide everything your lender will need to see in order to review your application quickly and without unnecessary delays. When you follow a Document Checklist and stacking order you can be sure that you have provided everything your lender will need to review and so be able to get the answers you need quickly.
Borrowers Statement- A form that gives all of your basic information, such as your name, birth date, employment information and dependent information. This information must be provided accurately and completely as it becomes the reference sheet for you application.
Current Financial Statement- This loan modification forms details all of your income and expenses each month. It basically paints a picture of your current financial situation and shows your lender that the current mortgage payment is a hardship. This is one of the most important forms that your lender reviews as it can determine if you qualify for loan modification help or not. Make sure you know how to complete this form properly. You can take away a lot of the confusion and frustration by using a software program that does all of the calculations for you, so you can feel confident about your budget.
Proposed Financial Statement- The form that shows your bank in black and white that if granted the loan workout you will be able to afford the new lower modified mortgage payment now and in the future. It also proves to your lender that you have made the necessary changes to your lifestyle and family budget that makes continued home ownership your priority. You must convince your lender that you are a good candidate for help. This is easy to do when you learn how to calculate your debt ratio and determine your target payment ahead of time. This is important because then you will be able to make any necessary adjustments before speaking with your lender. Take advantage of a special software designed to help you figure your debt ratio, target payment and disposable income so that you know your math is correct.
Hardship Letter: All lenders require homeowners to demonstrate a financial hardship before they will be considered a candidate for a loan modification. The acceptable way to do this is to provide you bank with a detailed and convincing explanation of the circumstances that caused the payment hardship. Your Hardship Letter should also assure your bank that you put a plan in place that will ensure that if given the loan modification, you will not be at risk of default again. Make sure you cover the 3 critical elements of an effective and results-getting letter.
Rental Property Schedule: This loan modification form is used when you have investment or rental property. This outlines the current loan balances, monthly payments, taxes, insurance and maintenance. This form also shows the current equity position of your property(ies).
Affidavit of Hardship: This form ensures the lender that the information you have provided is truthful and that you have not intentionally missed payments to get better loan terms.
You don't have to be confused or frustrated about how to apply for a loan workout. Simply make the decision to learn and prepare before you contact your lender so that you will have the best chance for meeting your banks requirements. Help is available for homeowners who know how to get it-take advantage of the billions of dollars of bailout money that has been allocated for borrowers just like you. Start today to get the help you need and deserve by learning about the loan modification forms required and then get going with your application.
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