Loan Modification: Putting together a solid financial pack (2)

This is the sceond Hub in a serries of Hubs that explains how to obtain a loan modification from a lender.

Loan Modification Can Stop Foreclosure

Financial Documents Needed for your Loan Modification Financial pack

• Hardship Letter - You may find it helpful to use a hardship letter template.
• Earning Statements

1. W-2's
2. pay stubs
3. signed doc from employer
4. 1099's

• Monthly Budget
• 06-07 Tax Returns

Presentation of Your Financial Package

Remember that you are requesting a favor from your lender. They do not have to modify your loan. Keeping this in mind you want to prepare a pack that is simple neat and orderly. Make sure you are polite and humble through out your Hardship letter.

Also make sure that your pack supports these main themes....

• You have infact encountered a hardship that has or will cause default on your mortgage.
• If granted a loan modification you will be able to make the payments.
• You seem like a smart and competent consumer

Be sure to gather all these documents and write the first drafts of your hardship letter and monthly budget. The next Hub will go into detail of what both of these documents should clearly convey.