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, Request for Transcript of Tax Return
- Completed Form 1126, 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?
Visit the Mortgage Bankers Association’s Foreclosure Prevention Resource Center for advice on calling your lender for assistance.
Preparing for your conversation
Be ready to provide a short explanation of why you are unable to make your mortgage payment. Did someone lose a job? Is there a medical emergency? Are you current on your loan but have not been able to refinance into better terms?
You’ll also need to provide your servicer with important information about your property, income, and debt obligations.
Being prepared for this conversation will help your servicer understand your case and see if you qualify for a loan modification or other mortgage workout.
If you need assistance and cannot reach your servicer, you can contact one of the local HUD approved counseling agencies in your area or to find your local office call (800)569-4287.
Find out who actually owns your loan, who you are paying your mortgage to could just be the servicers. Here are a few sites to find out whether Freddie Mac or Fannie Mae owns them.
Do you know what information you should have in front of you when you call your servicer? Freddie Mac offers a variety of tips, information and resources for homeowners at http://www.freddiemac.com/avoidforeclosure/stop_foreclosure.html.
Or go to Fanniemae.com to find solutions. Other websites I like for getting information are : Makinghomeaffordable.com and loansafe.org.
The Web is an amazing tool to find facts and information on how we can educate ourselves in order to find ways to resolve these issues.
Again, I would like to inform you that by gaining knowledge of your current situation you are then making it easy for yourself to make an informative decision to move on and make correct decisions.
Please call me for more detailed and quick analysis of your current situation and see how we could help you or advise you on how to proceed with your current financial issues.
I would like to share with your that if you have a loan with WAMU and you call them for help, you will hear this message when you call, I quote: “Please be cautious with loan modification company that charges a fee.”
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Please call Ken Go of 1st Innovative Finance Group at (562)508-7048 or write to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .'; document.write( '' ); document.write( addy_text29684 ); document.write( '<\/a>' ); //--> This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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