Tips For Success!

Always put your loan number on every document, on every page.

Follow up 48-72 hours after faxing to be sure they’ve received and uploaded your documents.

Always verify you are speaking to the correct department. If you are seeking a Loan Modification, this will be the Loss Mitigation department. Each lender calls it something different (Home Retention, Home Preservation etc) but asking for Loss Mitigation will get you where you need to be. If you are seeking a short sale, verify you are speaking to the Short Sale department.

Call 1x/week to every 2 weeks to check in and ask the status of your work-out, and if they need anything else from you. 

 Update your financials (bank statements/paystubs) every 30-60 days, even if they do not ask for them. 

 When submitting a package, submit everything they are asking for at once. Do not send part of it, then follow up with more documents later. It will only cause delays and create confusion. 

 A common package will include the following: 

 

• A HARDSHIP LETTER

This should be a BRIEF description (not more than a page) explaining why you need assistance, when the situation started, why it affected your mortgage, and if it’s been resolved.

 

• 2 Month’s Bank Statements

It will help the lender if you can circle the deposits, and identify what they are. 

 

• 2 Month’s Pay Stubs or proof of income

 

• 2 YEAR’S TAX RETURNS (SIGNEDANDDATED)

 

• *4506T FORM 

 

• *REQUEST FOR MODIFICATION ASSISTANCE (RMA) 

 

• *DODD-FRANK CERTIFICATE 

*Visit www.MakingHomeAffordable.gov to find many of these forms, or to learn more about these programs.