Loan Modification Checklist
Negotiating a mortgage modification with your lender requires financial worksheets completed with documentation that enables our company to work on your behalf. Our loss mitigation team will then contact you with a “Welcome Letter” that request additional paperwork with more detailed info including: Required Document List setting forth all of the mortgage documents and information that we will need to negotiate better loan terms from your lenders.
o Personal Financial Statement that enables our loan modifiers and attorneys to assess your financial circumstances in an effort to propose a reasonable loan modification plan to your lender that indicates borrower affordability.
o Copy of Monthly Mortgage Statement/Coupon (for 1st and 2nd mortgages)
o Explanation of Financial Hardship, which is a statement of the circumstances that have led to your inability to pay your mortgage loan as it is presently structured.
o Borrower’s Authorization (You can start working on this List now, but we do not need it back until you and FAST© sign an Agreement for FAST© to proceed in your behalf, which will be sent to you as soon as we finalize how we can help you resolve your mortgage situation).
o Credit Card Authorization to be used if you wish to charge your initial loan modification processing fee.
Most, if not all, of this information will also be required by your mortgage lender in giving consideration to any proposal that we will make, so get it together fast and if we can help or if you have any questions, please give us a call anytime. As soon as we receive your financial information, our loan modification team will analyze the information to verify loan work-out qualification and foreclosure prevention criteria.
If we determine that we are unable to help you, we will quickly return all of the financial info that includes refunding the loan modification processing fee and request the not legal team not proceed any further. In many cases, we believe that our attorneys can help improve your home financing situation we will contact you in writing with our proposed resolution, and forward to you an agreement that spells out the terms of our relationship. At that time, if you are excited to have US Loan Outreach negotiate your low payment loan modification, you will need to review, initial, sign and return to us the completed Agreement.
