Here’s a checklist of things to have ready for your lender to see what kind of a loan mortgage modification program they can work you into so you can comfortably afford your monthly mortgage payments. Under the new program “Making Home Affordable” signed recently by president Barack Obama, you may qualify for a reduction of your monthly mortgage payments from the lender who holds your present mortgage. You may even qualify for a reduction of your principal balance. To be ready for what questions your lender will have, below is an accredited mortgage modifications checklist of things to have ready when asked. The loan mortgage modification information you should have readily available is:

  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or
  • documentation of income you receive from other sources.
  • Your most recent income tax return.
  • Information about your savings and other assets
    Information about your first mortgage, such as your monthly mortgage statement.
  • Information about any second mortgage or home equity line of credit on the house.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all your other debts such as student loans and car loans.
  • A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

You may also want to gather what your monthly payments are for cable/internet/phone/car insurance/heating/electric/ or any other reoccuring monthly payments you have. Try to determine what you also pay in gas for your car. Some lenders may use this too to determine house affordability.
Once you have these things together, call your lender. There should be the lenders phone number from your most recent mortgage statement. Tell them you want to be analyzed under the new Home Affordable Modification Program. Having the above information ready to verbally give to your lender over the phone, will make your process move quicker. Make sure that your information is true and correct, because your lender will ask you to fax over proof of everything you tell them over the phone. They will verify all of it for the mortgage loan modification process.

If your lender tells you they are not participating in the Making Home Affordable Program, they may be shortly because more and more lenders are signing up everyday as the government educates them on the benefits of participating in the program. You can also ask them of any other type of program they my have to help your particular situation that is similiar to the Making Home Affordable plan.


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