Many Statements Are Needed For A Loan Modification
Anyone who is going to work with a loan modification should be making sure that the right documents are going to be used for the entire process
. There are a number of financial statements that will need to be handled for a loan modification to work. These are things that any lender is going to need to work with in order to get a loan modification to be successful.
The right number of bank statements is needed in this part of the process. A person will need to provide the two most recent bank statements that a person has had to deal with. This is used as a means of showing one's assets and how much the assets that one has had over time have changed. This is something that will be especially important to take a look at in the event that a person has recently dealt with a very substantial financial hardship.
A person must provide plenty of information on the money that the person is earning. A person who is employed by someone will need to provide the pay stubs that the person has gotten for the last two months. The standard will be different for a person who is self-employed. A self-employed person will need to provide the last two 1040 statements that the person filed in a loan modification application.
Tax returns are vital for any loan modification application. In addition to the 1040 statements for a person who is self-employed the W-2 statements that a person has will be needed. This is regardless of the employment status of a person.
The W-2 forms should be ones from the last two years. Also, the first two pages of each of these forms should be used in the entire process. These two pages should include things that relate to all of the data that one is getting in terms of money on an annual basis. It will work to see how much money a person is dealing with and what that person could be expected to earn in the upcoming future.
The last thing to take a look at is the contract that a person has for one's home. A mortgage document will be needed for a person who works with a standard type of home when getting a loan modification to work. A rental agreement will be needed in the event that the loan modification is for a how that is not a primary residence. All things that relate to the ownership of the home will need to be provided regardless of whether or not the home is a primary residence that an applicant actively lives in.
These statements are all needed when it comes to getting a loan modification. Anyone who wants to get a good type of loan modification to work should look to see that the statements in question are going to be present in an application. This is so the loan modification process will be easier for a person to handle.