Stop Foreclosure Video By Freddie Mac
Freddie Mac has produced a brief video titled “Stop Foreclosure: Documents Your Lender Needs To Help You” via YouTube. This video is targeted toward people right here in Arizona who are wondering what documents their lender needs in order to get a loan modification done. No doubt, lenders are busy with calls about loan modifications and this video will help people who need help with a loan modification be prepared for the process.
Arizona Loan Modification: Required Documents
- Account balances and minimum monthly payments on credit cards, car loans, student loans or other debt
- A copy of recent paystubs
- One of your recent mortgage statements
- A copy of your most recent tax return
- A second mortgage and/or HELOC statement
Arizona Loan Modification: Hardship Letter Is Important
In addition to getting the above information, you want to be sure to include in the list a description of what kind of hardship caused you to fall behind on your mortgage payments. This will help speed up the loan modification process. Hardship letters bring out the “human story” that often can make the difference between your loan modification getting approved or denied – so don’t neglect it!
More From Arizona Mortgage Team
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- Freddie Mac Tightens Underwriting Guidelines
- Arizona Loan Modification: Can You Get A Loan Modification If You Are Current On Your Payments?
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I is great, people are lost in this market for getting their loans modified. It is important that the foreclosures that don’t need to be are forstalled and the loans are modified. If the property was only going to yield less anyway, the owner might as well stay on if possible.