Mortgage Modification Program Checklist

Filing for a Kentucky mortgage modification program requires certain documents. To help you along, we’ve gathered this common list of mortgage modification documents. There are standard forms that are a part of every mortgage modification. For your convenience, the list items below also contain links to those standard forms.

Common Documents for Kentucky Mortgage Modification Programs

First, you must understand that the primary reason for 90% of modifications receiving a denial is because the debtors fail to complete them accurately. Secondly, during this process, it is common for offices to “lose applications.” Therefore, you must keep records. Additionally, if you choose to sue the bank back or file bankruptcy and want to consider a mortgage modification, the application often goes through a special paralegal at the office of the attorney for the bank.

These are the document they are most likely to expect from you. This is especially true with CitiMortgage. However, you must be aware that every lender has different rules.

1. Dodd-Frank Certification Form
2. Hardship Affidavit
3. Two (2) Consecutive Current Bank Statements for all borrowers. Also, include all pages. Additionally, you cannot refer to online forms.
4. 2012 Tax Returns – all pages – all schedules
5. Current pay stubs covering a 30-day pay cycle for all borrowers – no older than 45 days
6. Updated Work Out Package Application
7. Form 710 UNIFORM BORROWER ASSISTANCE FORM
8. Signed and dated Hardship Letter detailing the hardship
9. 3rd Party Authorization Form from Client – However, this form varies from lender to lender and you must get it from your lender. The lender also uses it to identify parties or companies that the lender has the authorization to speak with. Also, remember to include your signature and the date.
10. 4506T IRS form for Prior two years 2011& 2012
11. Most recent utility bill
12. Current Property Tax Bill
13. Current Hazard Insurance declaration page
14. If rental property, then, provide current lease agreement along with 3 months of bank statements listing rental income
15. If there is a homeowners association that is paid on the property – provide a current association statement with the amount paid and frequency

Providing Proof of Different Types of Alternative Income

Alternative income requirements include the following types of income:

1. Social Security Income
2. Pension
3. Child Support
4. Self Employed – requires a current quarter year to date profit and loss statement showing the following:
   1. Business Name or Borrower Name
   2. Total Income earned
   3. Total Business expenses.
   4. Plus 1120s with three (3) months bank statements, if available.

Proof of Social Security Income for the Mortgage Modification Program

Your social security income requires a current Benefit Verification Letter (2014) from the Social Security Administration. Of course, this letter is proof of the amount of the monthly payment you receive.

Proof of Retirement Income for the Mortgage Modification Program

First, proof of your retirement income requires a Current Payment statement covering a 30-day pay cycle with year-to-date earnings and monthly payments. If you go through a divorce, you must also provide the Final Divorce Decree. That must also include the disclosure of the award of the property along with the Quick Claim record.

If the homeowner is seeking a short sale please provide the following in addition to the above core package:

1. Current Listing Agreement
   1. Updated Purchase Contract
   2. There must be signatures from both parties on the contract.
2. Needs to show is contingent on investor approval for a short sale
3. Updated HUD-1 with settlement date out to 45 days
   1. Needs to include buyer and seller information
   2. Needs to show proposed payoffs for all liens on the property

Resources for Bankruptcy

Louisville Kentucky Bankruptcy Forms

Bankruptcy Manual

Other Related Information

Short Sale Checklist in Louisville Kentucky

Problems with Loan Modification and Workout Agreements

Senior Citizens Social Security Student Loan Garnishments

Kentucky Bankruptcy Required Document Checklist

If you are thinking about filing bankruptcy, don’t delay because timing is crucial. I am here to help you. So, contact my office right away to start the conversation. Nick C. Thompson, Bankruptcy Lawyer: 502-625-0905