Step 2 - Create your hardship letter
Step 3 - Apply for loan modification
Because each lender is an individual business, the company policies will be different. This means that each company will have its own requirements for itemizing a hardship package. However, every company requires these minimum
1) The Hardship Letter
2) Workout Proposal: This is necessary if the plan is not described in your hardship letter.
3) Financial Statement: (Some lenders will have the forms on their websites)
4) Required Documents by Lender: (All lenders will request basic documents, but make sure to find out any extra ones a particular lender may need)
a) Tax Returns: Recent and back as many years as the lender requires.
b) Pay stubs from all employment: Current ones.
c) Home agreements and documents if proposing a short salew.hardshiplettersample.com
d) Appraisal or Recent Broker’s Estimate (You don’t need to get an appraisal until the lender asks)
e) Specific Documentation:
- A letter from a new employer
- Bank account of money you are willing to put toward the offer