When applying for a mortgage modification, you'll have to provide a lot of documentation to your lender. A loan modification attorney can help you collect the necessary information.
Each lender has its own list of documentation that must be submitted when applying for a loan modification. You may be asked to submit:
This information is used to determine whether you are eligible for a mortgage modification. According to the U.S. Department of Housing & Urban Development:
"Lenders are to use specific financial analysis criteria when determining a Borrower's eligibility for the Loan Modification Option: 1) The Borrower's surplus income is at least the greater of $300 and 15% of net monthly income, 2) 85% of the Borrower's surplus income is insufficient to cure arrearages within 6 months, and 3) The Borrower's monthly PITI [principal, interest, taxes and insurance] mortgage payment can be reduced by the greater of 10% of the original monthly mortgage payment amount and $100, as a result of the Lender setting the interest rate at the Market Rate and amortizing the new loan over 30 years."
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