Neatly And Completely
Thinking back to elementary school, I remember my teachers always saying that our work will be graded on neatness and completeness.
Needless to say, this can also be true with your mortgage modification paperwork. Ok, your loan modification package will not be graded in this manner. However, neatness, completeness, and accuracy does come into play, so let me show you how.
When you submit a report to your boss, do you throw it together haphazardly? How about if you are a painter? Do you just slop on some paint and call it a job well done? Of course not. When it comes to things that matter or are important to us, we always put our best foot forward. If you expect to get as successful loan modification, you need to present your case in the same such fashion.
Fill out your modification forms neatly. If a third grader has better penmanship then you (this is defiantly the case with me), I suggest you type your information onto the forms and type up your hardship letter. If you don't have a typewriter, than go to your lender's web site. Most banks will allow you to key in your information into their system. Then, you just need to save it to your personal computer and print it out. If you don't have a PC, you can always use the one at your local library.
If you happen to be blessed with good handwriting and you do not have access to a typewriter and/or a personal computer, go ahead and handwrite your hardship letter and neatly fill out the lender’s modification forms.
The point is. If your negotiator can not read your modification paperwork, they will not be able to approve your loan modification.
You will also want to ensure that your modification packet is complete. Here is a list of the things that you will be required to provide your lender/mortgage servicer.
On top of these documents, you will need to completely fill out every single portion of the loan modification forms. If you miss, even one blank, your lender will not review your request.
According to a representative from Chase, the number one reason clients are turned down for a modification is because their modification packet was not filled out completely and/or some required documentation was omitted.
Just like in school, accuracy matters. When inputting your financial information onto the modification forms, you must be accurate. Don’t overstate nor understate your financial situation. Your lender will use your own pay stubs, W2s. and tax returns against you. If you embellish your income or overstate your bills, your bank will find out, and they will immediately deny your mortgage modification request.
I know that neatness, completeness and accuracy should be a given, but you would be surprised how many clients don't get a modification because of neglecting these obvious good practices. If you happen to make a modification misstep, you very well might have to start over at square one, or in some cases (like misrepresenting your financial information), your lender will not allow you to apply for another modification for up to twelve months.
Needless to say, this can also be true with your mortgage modification paperwork. Ok, your loan modification package will not be graded in this manner. However, neatness, completeness, and accuracy does come into play, so let me show you how.
When you submit a report to your boss, do you throw it together haphazardly? How about if you are a painter? Do you just slop on some paint and call it a job well done? Of course not. When it comes to things that matter or are important to us, we always put our best foot forward. If you expect to get as successful loan modification, you need to present your case in the same such fashion.
Fill out your modification forms neatly. If a third grader has better penmanship then you (this is defiantly the case with me), I suggest you type your information onto the forms and type up your hardship letter. If you don't have a typewriter, than go to your lender's web site. Most banks will allow you to key in your information into their system. Then, you just need to save it to your personal computer and print it out. If you don't have a PC, you can always use the one at your local library.
If you happen to be blessed with good handwriting and you do not have access to a typewriter and/or a personal computer, go ahead and handwrite your hardship letter and neatly fill out the lender’s modification forms.
The point is. If your negotiator can not read your modification paperwork, they will not be able to approve your loan modification.
You will also want to ensure that your modification packet is complete. Here is a list of the things that you will be required to provide your lender/mortgage servicer.
- Two most recent pay stubs.
- Your last two years W-2s.
- Your most recent full income tax return.
- Two most recent bank statements (all pages).
- Your completed and signed modification package.
- Your hardship letter.
- Any supporting documentation for your hardship. (I.e. Death Certificate, medical records, doctor's note, etc).
On top of these documents, you will need to completely fill out every single portion of the loan modification forms. If you miss, even one blank, your lender will not review your request.
According to a representative from Chase, the number one reason clients are turned down for a modification is because their modification packet was not filled out completely and/or some required documentation was omitted.
Just like in school, accuracy matters. When inputting your financial information onto the modification forms, you must be accurate. Don’t overstate nor understate your financial situation. Your lender will use your own pay stubs, W2s. and tax returns against you. If you embellish your income or overstate your bills, your bank will find out, and they will immediately deny your mortgage modification request.
I know that neatness, completeness and accuracy should be a given, but you would be surprised how many clients don't get a modification because of neglecting these obvious good practices. If you happen to make a modification misstep, you very well might have to start over at square one, or in some cases (like misrepresenting your financial information), your lender will not allow you to apply for another modification for up to twelve months.
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