many homeowners who would like to stay in their home, a loan
modification is great thing to explore. The thing to remember is that
the lenders do not want to take your home back through foreclosure.
However, they will do so if left with no other option. In doing a loan
modification, you will be required to prove that you can afford the home
after the modification. The last thing the lender wants to do is to
modify your loan only to have you fall behind on the payments once
again. Some of the documents which may be required by your lender are:
Most Recent Bank Statements
2 years tax returns
Typically what will happen is that the lender will take a look at all
the documents and figure out how much income you have per month. They
will then look at all your expenses including the proposed modified loan
payment and want to see that it is less than 50% of your income. This
percentage caries for lender to lender, but this is an approximation.
Proposed Mortgage Payment $1,200
$1900/$4000= 47.5%- You should qualify!
To get started on this
If you do not qualify for this, we have other options as well for you,
to find out what they are.