Loan Modification Hardship Affidavit - What it is and Where to Get One

The primary qualification for a loan modification is the evidence of a financial hardship situation. This means that circumstances have caused your current mortgage payment to be unaffordable and you are at risk of losing your home of going into default. The Fannie Mae loan modification plan, sponsored by the Treasury Department and paid for with bailout money, requires that you complete a form called a Hardship Affidavit.

What is this form and why is it important? This is a 4 page form that basically explains to your lender the reasons you are facing a hardship and could be a candidate for a loan workout. There are multiple choices, and boxes that you must check off. In addition, there is a very important certification that you are asked to sign under penalty of perjury that you are not misrepresenting your circumstances or intentionally missing payments to get a loan modification.

The form also explains briefly the terms of the Home Affordable Modification trial period, and tells you that you may be required to attend credit counseling as a condition of your loan workout. You sign this form giving your bank the authority to check your credit report and verify your income and assets, and to start an escrow account for your property taxes and homeowners insurance.

This is an important part of your loan modification application and should be included with your submission. There is a final page where you can include your Hardship Letter, giving more specific details about your circumstances and why you deserve a loan modification. This is one of the 4 mandatory forms that you will need to prepare for a complete application package. You can get this form on the makinghomeaffordable.gov website, and it is also available, along with all of the other required forms, in a resource kit for homeowners.

Click Here For A Full Mortgage Bailout Kit

Get all of the required forms and the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to apply and qualify for the Obama federal program too. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com.

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