Loan Modification

**disneysteve** · 09-16-2011, 04:32 AM

A couple of weeks ago, you posted:

My loan balance is $399,house worth: $600-$620,000

And you were looking to do a cash-out refi to remodel the house.

Now you are asking about loan modification. What's the deal?

**chrisgayle** · 09-20-2011, 05:30 AM

There are many things to do before loan modification. They are,
�Prepare to prove financial hardship
�Be sure about your credit is satisfactory
�Request a loan modification package
�Know about lender’s policies
�Prepare current and accurate financial report
Also check with your lender about loan foreclosing and get details before loan modification process.

**emmajacob36** · 09-22-2011, 11:37 PM

Originally posted by disneysteve View Post

A couple of weeks ago, you posted:

And you were looking to do a cash-out refi to remodel the house.

Now you are asking about loan modification. What's the deal?

I didn't ask anything off topic. And I asked on behalf of someone. There are lots of people who want to ask such kind of information but they don't even know such platforms but they need help so please be kind to help others.

**HousingCounselor** · 10-03-2011, 06:52 PM

Originally posted by emmajacob36 View Post

What are things to do Before DIY Home Loan Modification?

I'm a housing counselor and we do loan modifications all of the time. Your best bet is to log onto hud.gov and seek out hud certified counseling agencies in their area to assist them with a loan mod. You can do it by yourself but you have to make sure all of your t's are crossed and I's dotted otherwise there's a big chance the loan mod will be denied on a technicality that most lenders don't explain unless you call them and ask. Most lenders include the list of documents needed as well as the paperwork you'll need to submit. Standard documents needed would be
1. Two most recent months of all bank statements
2. Two most recent months of income statements
3. 4606T form
4. Tax returns and w2s for 2010
5. Hardship letter (be prepared to provide documentation verifying hardship)
6. Most recent gas or electric bill (to verify the property is still occupied by someone on the mortgage)
If you go to hmpadmin.com and hover your mouse over the programs menu, a drop down box will appear so choose borrower documents and review the common paperwork you'll need. Hope that helps.

Loan Modification