Important Papers For The Purpose Of Loan Modification

In order for you to apply for a loan modification, there are some important papers that you require and that need to done professionally and accurately.

Work with your Lender

It is important that you work with your lender and be responsive to their demands in order for the application to go through and with the best loan modification options that will suit your specific needs. One thing you must not do is default on your payments on purpose for that sake of getting a modification loan. If you do that you will certainly be denied and it is not something that you can hide because it will all be revealed when you submit your papers.

Papers required.

First of all the first important part of the process is the hardship letter that presents your case why you need loan modification help and it does help if it is only a temporary situation like you had an illness or that you have lost your job through no fault of your own such as retrenchment.

The next set of documents is all your personal details and how the lender can contact you. Communication is extremely important therefore give details of telephone, emails, fax numbers and work numbers where they contact you if they need to.

The lender will want to see proof that you do not have the capacity to pay the current amount so they will request for a financial statement. In this regard keep all your receipts even old ones to prove that you require the loan modification and if you are not able to produce a professional financial statement then seek the assistance of a loan modification consultant.

You will also need to produce or give the lender permission to get your lender your latest tax returns for the assessment of your situation. Over and above the financial statement you will need to have a detailed monthly expense report and this is often the case why lots of people wanting a loan modification will use professional services from companies such as Loan Modification Depot.