Home Loan Modification ChecklistFinancial planners will tell you that paying off your home loan early will take a lot of pressure off when your income is reduced for retirement. Why not consider modifying your home loan with your bank in order to reduce your payments or your interest rate (or both)?  Whether you have equity in your home or not, a modification will allow you to use the extra cash to pay off your home sooner. Todd Jarrett of Golden State Financial works with banks to help our clients re-negotiate their home loans using a loan modification program supported by the Government.  To learn if your home loan qualifies, contact us for a 10 minute conversation with Todd at 949-233-9180. In the meantime, here is a list of the documents that can get your home loan modification faster if you qualify.

Home Loan Modification Checklist

☐ 2 Most Recent Pay Stubs (dated within 90 days, including one showing at least 30 days of year-to date income)

☐ 2 Most Recent Bank Statements

☐ Most Recent Tax Return

☐ Most Recent Utility Bill

☐ Documents Related to Other Income, Investments, Interest, Dividends, Royalty, etc.

☐ Documents Related to Other Mortgages, HOA Dues, Property Taxes, Homeowner Insurance

☐ List of your current expenses (even better– a budget or copies of your bills!)

☐ Lease Agreement (if you have a rent-paying tenant) See RMA Section 4 for more details

☐ Profit & Loss Statement (if self-employed) See RMA Section 8 for more details

☐ Overtime Pay, Bonus, Tips, Commissions, or Housing Alliance documentation (if applicable) See RMA Section 8 for more details

☐ Unemployment Benefits documentation (if applicable) See RMA Section 8 for more details

☐ Public Assistance documentation (if applicable) See RMA Section 8 for more details

☐ Food Stamps documentation (if applicable) See RMA Section 8 for more details

☐ Social Security Retirement, Survivors, or Disability Benefits documentation (if applicable) See RMA Section 8 for more details

☐ Supplemental Security Income documentation (if applicable) See RMA Section 8 for more details

☐ Workers’ Compensation; Pensions, Annuities, or Retirement Plans documentation (if applicable) See RMA Section 8 for more details

☐ Adoption Assistance documentation (if applicable) See RMA Section 8 for more details

☐ Alimony, Child Support, or Separation Maintenance Payments (if applicable) See RMA Section 8 for more details

☐ Income from Rental Properties (if applicable) See RMA Section 8 for more details

☐ Hardship Documentation See RMA Section 11 for more details

How do you know if you qualify for a loan modification? Golden State Financial Group can review your loan terms, the home value, your current payments and the bank history.  We present your modification package to the lender in a way that is more likely to succeed.  Here’s some examples of the home loans we have helped modify.

If you are considering your options on ending your high home loan payments, give us a call at 949-233-9180 or Email us at todd@goldenstatefinancialgroup.com . We will set up a 15 minute call to determine if you can qualify for a loan modification to reduce the length of the loan or reduce your loan payments or the interest rate.  Once we review your case, we can let you know what can be done.  You can also visit our website here.

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