There Goes the Loan Modificiation Again...Falling on my Head Like a Memory

Day 279 of my Financial Freedom Countdown

It finally seemed like we were coming close to getting an answer on our loan modification...or so we thought.

Last week we were told our paperwork was being sent to underwriting for final review and we should hear back within 7 to 10 days, but a couple of days later we were told we would have to re-submit the majority of our paperwork. We'll no kidding.

All of that initial paperwork was submitted back in March, which was when we first started the whole loan mod process. So of course they would need updated documents. Typically for a loan modification you need to provide the following:

• Your most recent tax returns. 
• Your pay stubs from the last 30 days. 
• Hardship letter explaining why you are having trouble paying your mortgage payment and that you want to keep your home.
• Last 60 days of bank statements.

So nevertheless, we had to:

• Re-submit our pay stubs, which we had been asked for before going to final underwriting
• Last years tax returns, since our taxes weren't done in March.
• The last 60 days of bank statements.

After once again sending our paperwork in hopefully we will finally get somewhere. No wonder people go into foreclosure before they get an answer on their modification.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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