Freddie Mac: Loan Modification Information Video
Freddie Mac has produced a brief video titled “Stop Foreclosure: Documents Your Lender Needs To Help You” via YouTube. Many people right here in Maryland are searching for more information about loan modifications and this video is helpful to learn what is needed. Almost all lenders are extremely busy with loan modification requests and this video is just one more resource to try to help people be prepared.
Documents Your Lender Will Need
- A copy of your most recent paystubs that show your net take home pay
- For any other debt such as credit cards, car loans, etc. – have account balances and minimum payment amounts
- Your most recent mortgage statement
- A copy of your most recent tax return
- If you have a second mortgage or HELOC, a copy of that statement
Maryland Loan Modification: Don’t Forget The Hardship Letter
Some people discount the value of a hardship letter — don’t. It is a very important step in the loan modification process. A well written hardship letter that describes the “human story” can often be the key that makes the difference between your loan modification getting approved or denied – so don’t neglect it!
