• Loan Modification
• Other Retention Options
• Short Sale & Alternative

What is a Loan Modification?
A Loan Modification is a permanent change to the terms of a mortgage to make it more affordable for borrowers with a financial hardship.

Find out if you are eligible
Answer these simple questions to determine if you may be eligible for the Making Home Affordable or another Loan Modification Program.

What to Expect

Four key steps in the loan modification timeline
At the first sign of trouble in paying your mortgage, contact your mortgage servicer right away. If you have other questions, or want guidance to better understand your options, and need help working with your mortgage company, call us 1-800- 660-0747.

Here are the four key steps to follow to support loan modification requests.

Step 1 - Initiating the Loan Modification Request

• Determine eligibility - Use our quick assessment tool to determine if you may be eligible for a loan modification.
• Prepare your application - Once you've confirmed that you're eligible, you'll need to complete the required documents.
• Gather your supporting documents - Checklist of the required supporting documents (e.g., bank statements, W-2 forms) that you'll need to submit with your Request for Modification.
• Sign and submit your documents - Once you've completed and printed the required documents and gathered the required supporting information, FedEx, fax or mail the complete package to your servicer.

Find out if you are eligible

 

Step 2 - Review & Analysis

After your mortgage servicer receive your package, a home retention specialist will review all the information you've submitted to confirm your eligibility for a loan modification.

• This review process may take up to 30 days.
• Your home retention specialist may request additional information from you and from third parties, such as appraisers or mortgage insurers.
• During this time, it's in your best interest to continue making your home loan payments.
   

Step 3 - Trial Period Plan

If your loan modification request is approved, you'll receive a letter from your mortgage servicer explaining the terms of your loan, the amount of your new trial period mortgage payments and the next payment date. When you receive this letter, you'll begin a three-month Trial Plan. Making your mortgage payments during the trial period is essential, because it shows us that the new loan terms will work within your budget.

 

Step 4 - Final Modification Agreement

If you successfully make your payments during your trial period, and the documentation you provided supports the home retention specialist's initial review, your mortgage servicer will approve your request and your loan modification will become permanent. When you've successfully completed the Trial Plan:

• Your mortgage servicer will mail the loan modification agreement to you.
• You'll need to sign and return the Final Modification Agreement.
• Once your mortgage servicer receive the signed final document, your mortgage servicer will conduct a final review. This review may take up to 30 days. Once your mortgage servicer complete this review, the loan modification will be final.

If you have other questions, or want guidance to better understand your options, and need help working with your mortgage company, call us 1-800-660-0747 or 408-836-1828. The longer you wait, the harder it is for us to help.