How mortgage modification works
The typical path to requesting a mortgage modification. Every servicer and situation is different.
- 1
Understand your situation
Look at your income, expenses and what caused the hardship. Knowing whether the hardship is temporary or long-term helps you and your servicer consider the right options.
- 2
Contact your loan servicer
Your servicer is the company you send mortgage payments to. Ask what hardship or loss-mitigation options are available and request an application package. This contact is free.
- 3
Gather your documents
Servicers commonly ask for recent pay stubs or proof of income, bank statements, tax returns, a monthly budget and a hardship letter explaining what happened.
- 4
Submit a complete application
Fill in every section, sign where required and include all requested documents. Keep copies, note the date you sent everything, and get confirmation it was received.
- 5
Follow up and respond quickly
Servicers may ask for more information. Reply promptly, keep a log of every call (date, name, what was said) and keep making payments if you can unless your servicer tells you otherwise in writing.
- 6
Review any offer carefully
If a trial plan or modification is offered, read the terms closely. Make sure you understand the new payment, rate, term and any added balance before you accept. Consider asking a housing counselor or attorney to review it.
Document checklist
Requirements vary, but these are commonly requested. Having them ready can speed things up.
- ☑Recent pay stubs or proof of income
- ☑Two to three months of bank statements
- ☑Most recent tax returns
- ☑Monthly household budget
- ☑Hardship letter
- ☑Recent mortgage statement
- ☑Proof of other income (benefits, support, rental)
- ☑Homeowners insurance & property tax info
- ☑Servicer's completed application form
Please read
MortgageModNow is not a lender, servicer or law firm and does not guarantee any outcome. Only your servicer can approve a modification. Free help is available from HUD-approved housing counseling agencies. This page is general information, not legal or financial advice.