|
As touched on in the previous section, you will need to provide the lender with proof of your current income. Additionally, you will need to compile a complete detailed financial statement listing your income and expenses to prove that if your loan modification is approved you will be able to make the adjusted lower payment or reduce your payment. Remember that your documentation needs to provide proof to the bank/lender that approving your loan modification is in their best interest. Some documents that might help with the approval of your loan modification application are: Proof that you have had a significant decrease in your income or negative change in your financial situation, a detailed monthly expense report and budget showing that you have been making every effort to make your mortgage payment on time each month, records showing that you have been in contact and working with your lender to try to make payment arrangements regarding your current loan, proof that you are not defaulting on purpose. Be sure to be open and honest when providing requested documentation, if you appear to be hiding something it will decrease your chances of approval. As previously mentioned, please keep in mind that the purpose of all the requested documentation is to prove to the lender that while you cannot make your current payment, you will be able to make the modified payment for an extended period if the loan modification for your mortgage is approved. |
