Applying for a Mortgage Loan Modification: Documentation Checklist

By Ralph R. Roberts, Lois Maljak, Joseph Kraynak

Part of Loan Modification For Dummies Cheat Sheet

If you’re worried about home foreclosure, obtain a loan modification application packet from your mortgage lender and provide everything your lender requests. Most lenders require the following before considering your request to modify your mortgage:

  • Brief cover letter, along with a complete list of what’s included in your application

  • Hardship letter

  • Current financial statement

  • Projected financial statement

  • Home valuation (estimate of property value from an appraiser or other real estate professional in accordance with the laws of your state)

  • Proof of hardship (birth certificate, death certificate, medical bills, divorce papers, or bankruptcy papers, for example)

  • Federal tax returns (for the last two years)

  • W-2s (for the last two years)

  • Pay stubs (for the last four pay periods)

  • Bank statements (for the last four periods)