Loan Modification Forms

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.

Mortgage modification form filled by a professional has maximum chances of approval and so most people try to hire one so that they don’t get denied of such an opportunity that will relieve them from the financial burden in future. Also if they are approved for home mortgage modification program they can save their house from foreclosure. In fact there are some requirements for the loan modification process that has to be fulfilled but the most important part is the loan modification form and the hardship letter.

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.

Normally, the forms which are required are the Cover Sheet, Borrower Information Sheet, IRS Form 4506, your Financial Statements and a Affidavit of Financial Hardship or Hardship Letter. Aside from completing these forms, you will also be required to provide your asset and income documents, paycheck stubs, W2, award letters, bank statements, and 2 years tax return statements.

In any case, make sure that you give as precise and verifiable information to your loan modification attorney so loan modification servicers discuss with the lenders to get the best possible rate for the loan.