Home Loan Modification - What You Need in Order to Apply

The ultimate goal of a home loan modification is to reduce the monthly mortgage payments. This could be done by negotiating with your lender to change the terms, lower the interest rate, or extend the period of the loan thus making it more affordable.

In order to qualify, you have to prove to your lender that you are currently going through a hardship. Its in the best interest of you and your lender to work out this situation so that you keep your home, and the lender gets a return on their investment.

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Some of the documentation that you will need is a letter that explains the loss of funds including figures and dates. Next, you will have to fill out a hardship form via the mail or the internet.

Additionally you will need copies of 2 years worth of tax returns, current bank statements, 2 years of pay stubs in order to support your claim of hardship. Also if you collect unemployment, disability, or any taxable income this information must be submitted as well. If there is property for sale, a listing agreement is required.

Basic Loan Modification Qualifications:

* Must have an actual hardship
(income loss, death in family, etc)

* Must have a debt-to-income ratio of 31-50%
(but as high as 79% are still approved)

* Must have a loan that is at least an age of 9-12 months.

* Must have proof of income

If your documentation is well prepared and your presentation is well planned, this makes going through the process of loan modification more bearable. Additionally it increases the chances of you being approved and saving your home.

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