Steps to a Successful Home Loan Modification Or Loan Restructure

The step by step process will be explained for you here, this may help you complete a modification if you have the time to spend on actually getting it done yourself.
A successful modification can be completed for you by a professional within roughly 90 days as the experience and the man power on doing and completing this process the right way is already known and practiced daily.

  • Get the loan modification forms that will be required by your lender. Financial statement, hardship affidavit, hardship explanation letter
  • Income documentation-paycheck stubs, W2's, tax returns, award letters, bank statements
  • Get out your monthly bills-itemize your expenses and you should be as accurate as possible
  • Now complete your financial statement by itemizing your household gross income and your monthly expenses.
  • Fine tune your financial statement with any changes required so that you know your budget fits into the approval guidelines based on your banks requirements.
  • Put together all of the forms, income and asset documentation, hardship letter and organize them into a folder for handy reference ( this part is critical because if you do not make it "easy for the bank" they will put your file to the side and not even contact you ).
  • Now, call your lender and tell them you want to apply for a loan modification or a loan restructure, have all of you

Author: Steve Wrangler

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