When you apply for a modification with your lender, you will be asked to supply certain loan modification forms. All lenders require the same basic information from a homeowner and this information is reviewed to determine your eligibility. Here is a list of the basic forms and just what is required on each one.

1. Borrowers Statement: This is your basic information like name, birth date, social security number, employment information. You also show any co-borrower information here, and list your dependents. This form tells the bank how long you have been on your job, if your spouse works and how many people live in your home.
2. Hardship Letter-Affidavit of Hardship: A brief description of your current financial situation and what has happened to cause the current mortgage payment to become unaffordable. This is your opportunity to explain your circumstances to your bank and gain their empathy. There are 3 critical parts to an effective letter, make sure you cover them all.
3. Financial Statement: The most important part of your application, this form really determines whether you will qualify for a loan modification or not. This is where you detail your income, expenses, assets-a basic snapshot of your financial situation. It is critical to work on this before you call your lender. Why? Because you need time to make any adjustments to your monthly budget so that you can meet the debt ratio and disposable income requirements. Learn about how to prepare you budget correctly in a handbook for homeowners.

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