Lender Requirements

One of the problems that makes loan modifications so difficult to process is that each lender maintains different criteria for granting a loan modification. Not only that, but consumers are painfully aware that when they call their lender they are often transferred around from person to person and sometimes from department to department within a lending organization before they get to anyone that can clearly answer a consumer’s question.

This post is designed to help consumers acquire an immediate understanding of what their lender needs in the home loan workout process. While our list of specific lender requirements is not exhaustive, it is a compilation of years of work in an effort to gain accurate and useful information for borrowers in need. Our list of specific lender requirements will take you directly to information on your lender, their loan modification requirements, loss mitigation direct phone numbers and any forms specific to the lender they require in the loan workout process.

ITEMS REQUIRED

• 1 Month Recent Paystubs
• 2 Recent Bank Statements
• 1 YR W2′S
• 1 YR Tax Returns
• Hardship Letter, signed and dated
• Financial Budget Worksheet, signed and dated
• Current Tax Bill
• Current Homeowner Insuranc
• Current HOA info (if applicable)
• Rental Agreements (All Properties where applicable)
• Mortgage Statements & Ins. info for all Properties owned
• Will not accept Unemployment, SSI or Pension unless its permanent
• 2 YRS Tax Returns (self employed)
• 6 Month Profit & Loss (self employed)
• 6 Month Bank Statements (self employed)
• MAY RUN CREDIT

LENDERS ARE ACCEPTING AND/OR WANT TO SEE

• Will modify if your rate adjusts in the next 60 days current or delinquent
• Income must be stable and provable with no more than $350 surplus
• For a 2nd lien modification (a second mortgage) AHMSI wants the following:

1st lien must be current in order to qualify for a modification
Updated hardship letter
2 months recent bank statements
2 most recent paystubs
Most recent W2
Financial info (monthly expenses)
Write loan number, property address and borrower’s name on all pages

LENDERS ARE NOT CURRENTLY

No modifications If you are current and your rate will not adjust within 60 days

No re-MODs within 12 months