Friday, July 14, 2017

Five Essential Documents Needed To Modify Your Mortgage

Most things that have to do with money require a lot of paperwork. Think about the amount of documents you have to gather each year to do your taxes, or to send your kids to school. Almost everything has an application that has to be filled out, from renting a car or apartment to asking a bank to loan you money. It would seem reasonable that once you have obtained a mortgage, your mortgage company would have record of all of your information, eliminating the need to provide it again if you ask for your loan to be modified. However, when you apply for a mortgage modification, you are required to submit documents again, so it is a good idea to know what will be required if this is something you are thinking about doing in the near future.

Other than the application form provided by your lender, here are five of the essential documents needed to modify your mortgage:

         Proof of income, which can be a paystub or copy of your tax return.
         Bank statements for at least the past six months, for both checking and savings accounts.  
         A financial worksheet, which may be part of the application packet, detailing your income and expenses. If you rely on a written budget each month, this information is usually the same as what is included on your budget.
         Proof of homeowner’s insurance, listing your lender as the loss payee.
         A printout of the property taxes you typically pay on your home.
Once you have all of your data gathered, allow a trained legal professional to help you get them in order and turned in to your lender. Applying for a mortgage modification might seem like a task you can do without the assistance of a professional, but there can be hiccups and other issues that arise along the way that require legal analysis. The time and effort you put into having a debt management attorney help you will pay off in the end, because you will be able to put your trust in someone who has obtained results in the past, and can shoulder the burden of the process for you. And if your modification is not approved, a skilled debt management attorney can offer you alternatives for getting out of debt. Whatever your financial need, let us help.

For help getting out of financial distress, contact us at We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.

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