Learn How to Get a Loan Modification From Your Lender

[lkszip]

Joey,
I would love to see this financial worksheet as well. Also, when you talk about the closer your DTI is to your expenses ratio, what exactly are you meaning... how close? Can you give an example?? I don't have a lot of debt, but because I've had a reduced amount of income, I'm hearing that I might not make enough for a loan mod... (which is why I need the mod in the first place!)
Thanks,
Lisa

[alex098]

Hi guys, I am new to the forum. I am in the process of getting initial paperwork together for HAMP, and would like to have guidance what is better - to show more expenses or less expenses, to get a better shot at modification. I noticed Joey have some suggestions how to do it right. Can we elaborate? The reason I am asking is that I need a car and I am debating now, whether to buy it on credit and this way pick up a car payment, or buy some beater for cash, just to avoid extra expense on the financial worksheet? Can anybody help to figure out the right way to have financials together?

[tearful]

Hi Joey, Do you still have the financial worksheet that you developed? If so do you mind emailing it to me.

[cachase]

Thanks Joey for offering to share a tool you used successfully. Please send me that file.

Also it will be very helpfull if you can share the names of the banks/lenders whom you got loan mods successfully using this tool/method.

Thanks for being a great help to this community.

[cachase]

Thanks Joey for offering to share a tool you used successfully. Please send me that file.

Also it will be very helpfull if you can share the names of the banks/lenders whom you got loan mods successfully using this tool/method.

Thanks for being a great help to this community.

[Littlelost]

Hi Joey,
I would like to see your financial worksheet you have please. Congrats on your success. Littlelost

[Funthain]

One bit of advice to anyonr doing it on their own. It seems that the closer your income is to your expenses (DTI) debt to income ration, the easier the road to modification becomes. I did come up with my own version of a financial worksheet. If you want I will e mail it to you.

Thank you so much and continue to "play it forward"

Joey
(619) 838-0644

Hey Joey,
I am exactly at the point where the worksheet you spoke about will be of the biggest help to me: been approved for a loan mod & is currently working on all the financials & hardhsip letter included in the package. Will you be kind enough to take a look over these things for me b4 I send them back--it'll be a God-sent! Could text my email to ur # so we can establish contact via email--simply let me know if that's okay and I'll be in touch.
Thanks a million for your encouraging post and contribution!
God bless

[yomann]

Hi Joey,

Instead of emailing your spreadsheet to numerous members, I believe you can add the spreadsheet as an attachment to your post.

From the Quick Reply window, click on the "Go Advanced" button.
Then scroll down to the "Additional Options" section, click on the "Manage Attachments" button, and navigate to the file on your computer, using the "Browse" button, and finally click on the "Upload" button on the far right.

This way we all can download a copy.

Thanks!

[zovichj]

Hi there and thank you for your trust. I have attached the items that you will need too proceed with the Loan Modification and / or Loan Restructuring Request. I am also providing a list of items that most lenders require. Just a bit about the DTI. I have found that the DTI in your financial worksheet needs to be between 95 and 102% . The reason is that you do not want to show either an excessive amount of extra cash or that you are underwater by alot. If you have a lot of leftover cash each month then they see no reason to modify, likewise if you still need more money at the end of the month they look at as a lost cause.

• Mortgage Statement (all loans all properties)
• Market Value Documentation (from eppraisal.com)

• Hardship Letter

• Financial & Budget Worksheet:
• Income Documentation: (3 months paystubs if W2 or 2 quarters Profit & Loss if Self Employed)

• All Bank Statements (3 months if W2 or 6 months if Self Employed)
• Last two years income tax all schedules
• Last two years W2/1099
• Current Property Tax Bill (all properties)
• Current Homeowners Insurance Declaration Page (all Properties)

Thank you for your trust. Joey Financial Worksheet.xls

HardshipLetter.doc

Loan Modification Request.doc

Loan Modification Proposal Financial Worksheet.xls

Loan Modification Explanation.doc

[zovichj]

Hi there. Here are the items that you will need to proceed with the Loan Modification and / or Loan Restructuring Request. I am also providing a list of items that most lenders require. Here is how the lenders look at your DTI. If it is below 90% then tey figure that you can afford the loan. If it is higher than 102% then they figure that even if you get help, you will still end up defaulting. Also your current first mortgage should be above 32% (the higher the better)

• Mortgage Statement (all loans all properties)
• Market Value Documentation (from eppraisal.com)

• Hardship Letter

• Financial & Budget Worksheet:
• Income Documentation: (3 months paystubs if W2 or 2 quarters Profit & Loss if Self Employed)

• All Bank Statements (3 months if W2 or 6 months if Self Employed)
• Last two years income tax all schedules
• Last two years W2/1099
• Current Property Tax Bill (all properties)
• Current Homeowners Insurance Declaration Page (all Properties)

Thanks for your trust Joey

[Littlelost]

(QUOTE - The reason is that you do not want to show either an excessive amount of extra cash or that you are underwater by alot. If you have a lot of leftover cash each month then they see no reason to modify, likewise if you still need more money at the end of the month they look at as a lost cause).

Joey,

Thank you for sharing this information.. very helpful. However, I am afraid that we are a case of a lost cause for them.

Our household income used to be 5.5K/mo gross and since I lost the job, it is now down to $1.4K/mo (without unemployment benefit, still fighting to win it).

Our current loan balance is 181K, @6.125%, 30yrs, owned by Fannie Mae and Nationstar is the lender/servicer.

A job is hard to come by and I have worked so hard to get one (and I am not picky either). We are currently in forbearance. Per Fannie Mae, the servicer should work with borrower to work on something more permanent solution within the first 3 mo. I called them but they say that so long there is no income changes, there's nothing they can do ..

Do you have any advise?. Thank you, Littlelost

[zovichj]

see if thhey will qualify you for the making home affordable program

[Littlelost]

they told me I am not qualified until the income increased ..