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7 Steps to Modifying Your Mortgage
1. Call your lender and ask them to send you a mortgage payoff statement, this is a letter that tells you how much you would need to give the lender to completely pay off your loan, this letter also includes other details, like a breakdown of all monies owed, arrears, late fees, legal fees, etc...
This will help you when you are figuring out what you owe the lender, and calculating payments for your proposal. Many lenders will take a few days to get this to you, so order it right away.
2. Determine The Properties Value:
The following are some of the sources available for doing this...comps.com
- cyberhomes.com
- zillow.com
- propertyshark.com
- Get a Local Realtor CMA
3. Get info on Loan Mod Policy of your lender:
- Call your lender and ask about their policies for Credit Repair
- Call a few times so you get different people on the phone
- Get their documentation requirements
4. Gather necessary documentation:
- Mortgage Payoff Statement
- 1 Month of Paystubs
- 2 months bank statements
- IRA, 401K, or other retirement fund statements
- Stocks, bonds and other assets
- ALL of your MONTHLY bills
5. Prepare Monthly Income and Expense Letter:
- There are many samples out there if you Google income and expenses statements or personal financial statements.
- Your lender may also have their own form
6. Write Hardship / Credit Repair Proposal Letter:
- There are many samples out there if you Google Hardship Letter Examples
- Your lender may also have their own form
- Their is a HAMP hardship affidavit if you are trying to qualify for HAMP
7. Send out your RESPA 6 document request letter:
- See samples in FORMS section of How To modify Your Mortgage
- By fax and certified mail and e-mail
- Get every fax number at your lender known to man, yes, in every department,office, nook and cranny in their company.
- Get every e-mail address you can find at your lender
- GOOGLE search for this info
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