Loan modifications can be a great option for homeowners struggling with staying up-to-date on monthly mortgage payments. If you are afraid your lender will foreclose on you, or if you are already going through foreclosure, you may still be able to get a loan modification to help make those payments more manageable.
If you’re wondering if you can get a loan modification without income documentation, you’ll find it depends on a lot of different factors so there isn’t a one-size fits all rule. Different lenders have different requirements for loan modifications. Working with an attorney can help you make sense of what options you have to save your home from foreclosure.
Acquiring a loan modification from your lender can be a long and complicated process, especially if you don’t have legal help from a trusted loan modification attorney who can help negotiate with your lender for the terms you want.
At Denbeaux & Denbeaux Law, our loan modification attorneys are committed to making the loan mod process as stress-free as possible for you, whether that be answering your questions, negotiating with your lender, or guiding you through the process with ease.
The Loan Modification Process
Don’t let the thought of going through the loan modification process stop you from getting the help you need on your mortgage payments. A loan modification attorney can help you through the loan mod process in numerous ways.
For one, they can pinpoint who your mortgage servicer actually is and deal with them directly on your behalf. Although this may seem like common sense, a lot of people actually mistake their mortgage lender for their mortgage servicer. To get a loan modification you must contact your mortgage servicer, not the lender or the person who owns the loan.
The mortgage servicer is the company you pay your regular monthly payments to. Sometimes the servicer and lender are the same company, but oftentimes, the mortgage servicer is a different company that services the mortgage loan while the mortgage lender owns the loan.
Additionally, your mortgage may have been sold between numerous companies, which can make tracking down who actually owns it a very complicated process, one you won’t want to go through alone.
An attorney can help you identify who your mortgage servicer is and they can also help you submit an application for a loan modification. To be approved, you will need to prove your financial hardship with documented proof and send a statement of desire for a loan modification.
Without the statement of desire and the appropriate documentation, you may be denied a loan modification even if you are, in fact, eligible.
If you are approved for a loan modification, an attorney will then help you negotiate terms with your mortgage lender. This step is important because there is little to no point of getting a loan modification if you don’t get the terms that work best for you.
With an attorney, you can have peace of mind knowing you have someone in your corner, defending your rights and negotiating for the best terms based on your financial situation.
Do I Need Documented Income For a Loan Modification?
To get approved for a home loan modification with your mortgage lender, New Jersey homeowners must meet certain mortgage loan modification qualifications. These qualifications may vary, depending on your lender, but generally the requirements include:
- The house must be under the homeowner’s name
- Homeowners must prove that they cannot make payments due to a financial hardship
- Provide evidence of your financial hardships that caused you to fall delinquent on payments. Financial hardships may include, but are not limited to:
- Illness or disability
- Death in the family
- Natural disaster
- Divorce
The best way to ensure that you qualify for a loan modification is to make sure you meet your mortgage lender’s requirements. If someone else is contributing to your finances you will need to write a contribution letter for your loan modification application. You will also need to have all the necessary documentation that proves your financial hardship. That means you will need to provide paperwork like pay stubs, bank statements, income and expenses worksheet, tax returns, and proof of any other income. Sometimes this means you will also need documented income for a loan modification but not in all cases.
Without the right documentation, your lender may deny you a loan modification. If you don’t have income documentation, working with an attorney can help you identify the right path forward to save your home.
This process can be very difficult because it isn’t as straightforward as it seems. Your lender may even require more documentation than what we’ve listed above.
To find out if you qualify for a loan modification with your mortgage servicer, you can go on their website and find their specific qualifications. You might also find your lender on our list of mortgage servicers that the attorneys at Denbeaux & Denbeaux Law often deal with.
Talk To A Loan Modification Attorney About What Documents You Need
If you are interested in getting a loan modification or aren’t sure what documents you need to get a loan modification, the attorneys at Denbeaux & Denbeaux Law may be able to help!
Joshua Denbeaux is a trusted New Jersey loan modification lawyer who fights for his clients’ rights and negotiates for the loan modification terms they deserve. Schedule a free consultation to see how Josh can help you and your unique situation.
