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| Your Lender should be your friend call them first for help! |
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WHEN you call your lender, be sure to have your account information handy and be ready to give a summary of the financial problems you are having. You should also have recent income statements and your household budget with you.
Have these on hand for the conversation with your lender:
Last two pay stubs and most recent tax return
For a self-employed borrower, complete signed federal income tax return for the previous year or year-to-date profit and loss statement.
Bank statements
Proof of other income like alimony or Social Security
Information about any second mortgage on the property
Completed Form 4506-T [PDF], Request for Transcript of Tax Return
Completed Form 1126 [PDF 91K], Borrower Financial Information
Be prepared for more than one conversation. Your lender may require that you complete a "loan work-out" package – you may not be eligible for help without it, so complete it as soon as you receive it.
Questions to ask:
How much time is the lender willing to give you to complete a work-out?
What are your obligations under the work-out package?
What are the specifics? Be sure to ask what is due and when.
Will a foreclosure sale of your property be put on hold while your lender looks at the possibility of a work-out package?
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