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Getting a mortgage modification approved is not easy, but it can be done if youre willing to put in a little extra work preparing the necessary documents for the lender.
To Whom It May Concern: I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan.
To be eligible for a loan modification, you must do the following: State why you cannot make your current mortgage payment due to some financial hardship. Provide all required documentation to the lender for evaluation. Complete a trial period to show that you can afford the new monthly payment.
One of the most common reasons for a loan modification denial is the submission of an incomplete application or missing documentation. Lenders require detailed financial information to assess an applicants situation. Solutions: Double-check your application for completeness.
A modification typically changes the loans rate, term or both to make monthly payments more affordable. If youre seeking to modify your mortgage, you must provide proof of hardship to your mortgage lender or servicer.
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People also ask

Send in all items the servicer requests. An application is complete once youve sent in everything the servicer requestedlike a financial worksheet, pay stubs, bank statements, asset information, tax returns, and a hardship statement.

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