You Must Complete Your Loan Modification Documents Correctly Or Else You Will Be Wasting Your Time


One of the most important thing to do when looking for a loan modification is to make sure that all of your documents are correctly filled out. Many homeowners are applying for mortgage help with their lenders but are not completing their documents correctly. Lenders are returning documents that are incomplete, or putting the process on hold for incomplete documents to be completed. Remember, without your permission, they can not get your personal information from the Internal Revenue Service. Documents may vary from lender to lender, but there are some basic documents needed in order to finish up any loan modification. If you think that all you have to do is make a phone call to your mortgage company to ask for a loan modification and wow it is over with; I hate to tell you otherwise, but there is quite a bit more involved. You have to realize that your are modifying your mortgage loan, that is not sometime that is minor, it is a major thing. Therefore, you have to put some effort into it, and it is really not too hard or too complicated either. You do not have to hire an attorney or real estate professional. In fact, a lot of homeowner who hire professionals end up regretting it, and that is off the records. The name of the game is doing your follow up on a regular basis with your mortgage company, and that will significantly increase your chances of success.

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Documents such as: tax returns, utility bills, pay stubs, bank statements, 1045-T (which is a IRS tax release form), hardship affidavit (Known as: form 1021), award letters (for income such as unemployment, SSI income, profit and loss statement if self employed), just to name most of the required document. These documents need to be filled out correctly or else this could prevent a homeowner from getting a loan modification entirely, or certainly delay the process.

The most common form that is filled out incorrectly would most definitely be the 4506-T. Homeowners do not complete this form correctly for one reason or another. Your loan can not be modified if this form is not filled out correctly. Remember that your are giving the IRS permission to release your personal information to a 3rd party, your you have to complete the form in order for them to do so. Regardless, #5 and #9 are the mostly missed or overlooked question. #5 ask for the mortgage company/lender/ or servicer's information; their name, address, and phone #. #9 asks for the past 4 years taxes filed, for example: 12/31/2008, 12/31/2007, 12/31/2006, 12/31/2005. And voila, that is it. The other questions seem to get answered pretty well. Other than your personal forms, the rest can be printed from online through a search engine query, from your mortgage company's website.


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