Loan Modifications - What Do I Need To Get Started?

Home Affordable Modification Program

Am I eligible for the Home Affordable Modification Program?

• Loans originated on or before January 1, 2009.
• First-lien loans on owner-occupied properties
• Unpaid principal balance up to $729,750.  Higher limits are allowed for multi-unit properties. 
  
  • 2 units- $934.200
  • 3 units- $1,129,250
  • 4 units- $1,403,400
• Delinquency is not a requirement for eligibility.
• Loans can only be modified one time under this program.

How do I get started?

If you meet the above eligibility requirements, mail the following documentation to your lenders.

• Completed and signed IRS 4506-T form.
• The two most recent pay stubs for each wage earner on the Note
• The most recent tax returns for each customer on the Note
• A signed affidavit of financial hardship.

  Please gather the following information and have this ready when you speak to a Loan Counselor.

  • Income (monthly gross and take home pay).
  • Checking and Savings Account balances
  • Other assests (boat, cars, personal property)
  • Expenses (monthly household expenses)
  • Other Expenses (auto loans, credit card payments, etc.)

  Important Links
  http://makinghomeaffordable.gov/
  http://www.treas.gov/initiatives/eesa/
  http://www.financialstability.gov/

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