Negotiating A Mortgage Loan Modification

If you are at the end of your tether when it comes to paying bills and are in danger of losing your home, it may seem that the situation is hopeless. Fortunately, however, there is some hope available to you – the federally funded, Making Home Affordable Modification Program might be able to help you. The program came into being to assist embattled consumers and to help the flagging real estate market. Your lender is obliged to determine whether or not you qualify for this relief if you apply for it and may not charge you a fee to do so.

Your first step is to visit in order to see whether or not you qualify. If you think you do, you can download the relevant Affidavit there as well. For example, to qualify for relief, the home must be your primary residence.

Complete the details as laid out on the form. If you borrowed in conjunction with someone else, they also need to complete their details. Once completed, you need to sign and date the form.

Next you will need to download the Internal Revenue Service Form – also available on this website. This is so that the lender is able to get a tax transcript directly from the IRS.

You then need to complete this document fully – do not leave any details blank and enter the latest tax year in the space provided on line 6. If this was jointly filed, your partner also needs to sign it. The form must be signed and dated.

Next up you need to get your latest pay stubs together. Usually it is enough to present the last two. The one proviso is that what you earn over the course of a year must also be displayed. Should you get any kind of grant, be collecting unemployment or be receiving disability payments, you need to provide a letter from whoever the money comes from showing the amount and how often you are paid. Click here to know more about mortgage loan modification.

The Dodd-Frank Certification Affidavit is next. You will need to confirm that you have not been convicted of fraud, theft, tax evasion, etc. in the last decade. Lying here could leave you open to felony prosecution so be honest. Sign and date the form.

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