Legal Question in Real Estate Law in California

Re: Modification question

I am a former mortgage broker, bank lender (30 years) and real estate attorney. The first thing you should do is call your lender and see whether they have a package for you to complete, as many do.

Barring that, you will need to send them an authorization to check your credit (if you don't have a current credit report), two years tax returns, W-2s for two years, and two current pay stubs that show your ability to repay the loan. If you have a local realtor who is willing to give you comparable sales in your area to establish a value, you should estimate the value of the home.

Put a cover letter together that describes why you need the loan modification, the value of the home and the current amount owed against it. If you are under a certain dollar amount and your home is worth not less than 95% of what you owe on it, you may qualify under one of these federal stimulus loan packages.

If you want help, I charge a relatively small amount of money to assist people in this process.

Good luck.