What Documents Do I Need To Provide For a Mortgage Modification Or Refinance?

If you are behind on your house payments and need a way to save your home, you have several options. Two of the most popular options are to ask your mortgage lender to modify their mortgage loan, or seek a refinance of the loan through a new lender. In either case you will be required to provide information and documents to the lender, and knowing what to begin gathering as you work towards a solution is the first step.

The most common documents requested in either of these circumstances include the following:

•         Proof of income, which may be presented by paystub, W-2 forms, prior years’ tax returns, or a combination of these items.

•         Proof of employment, which provides assurances to the lender that you have a steady income and are able to make the payment under the modified or refinanced loan.

•         In some instances, you may have to provide proof of the value of your home, but this is more likely with a refinance than it is with a mortgage loan modification.

•         A balance sheet of your monthly income and expenses, which also aids in assuring the lender you are able to make the payments.

•         A completed application for modification or refinance, as provided by the lender.

•         Information about your homeowner’s insurance and property taxes, so those costs can be accounted for in the new loan.

This sounds like a lot, and it can be a lot of work to get together for your lender. Allow us to help, by taking your documents from you and organizing them in a way that will make sense to the lender. When we undertake efforts to help you get a mortgage modification or refinance, we negotiate on your behalf for terms you can meet, and make sure that all the I’s are dotted and T’s crossed with the paperwork, without falling prey to a modification scam. Lenders are notorious for claiming they either did not receive all of the requested documents, or that what was provided was not complete. Before submission of your request to a lender, we take special care to ensure everything is in proper order. Our follow up for a decision is timely, and we report to you the progress at every stage of the process. If you are in need of refinancing your home, or want to see if you can get your current mortgage loan modified, call us today.

For more information about what it takes to modify your mortgage, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for your convenience and can schedule a time to visit with you soon.