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Whether you are considering Loan Modification, Re-Financing, Deed-in-lieu or a Short Sale, you will need the following documents, at a minimum. Please review this list and begin to collect and copy all of these documents and have them available for us to start helping you through this process. DOCUMENTATION CHECKLIST - Account Information for your First Mortgage. Your monthly mortgage statement will have most if not all of this information.
- Account Information about any Second Mortgage or Home Equity Line of Credit (HELOC) on the home.
- Personal Financial Statement
- Your last 2 years Federal Income Tax Returns.
- Information showing the Monthly Gross (before tax) Income of "THE BORROWER" (may not need to include spouse if he/she is not on note), including 2 Most Recent Pay Stubs if you receive them or documentation of income you receive from other sources.
- You will also need to prepare a "Hardship Letter" describing any and all circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) and or savings to be depleted. Example of what the bank will be looking for:
- What has changed in your life and financial circumstances that has caused the current hardship? Is the hardship "temporary?" (liklely to get better soon); or "permanent?" (no expectation that things will improve in the near future.)
We have formal worksheets that will guide you in collecting, organizing and verifying all of these requirements. Please contact us for copies. |
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