- Wells Fargo Refinancing For Existing Customers
- 2015 Government Mortgage Help targets FHA Programs
- How to Find Cheaper Closing Costs on your Mortgage
- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
This series of articles looks at the process of applying for a loan modification program. This process is used by CHASE’s Loan Modification Program (the program we are using as a model), CitiBank’s Loan Modification Program, Bank of America’s Loan Modification Program and other major lenders in the United States.
1.) The initial conversation with a loss mitigation agent.
2.) The eligibility review.
3.) The trial period plan.
4.) The final agreement.
Our previous three articles described the forms and documents required to apply for a loan modification. These documents are important because the information collected in the Homeowners Information Packet determine your eligibility for a loan modification. This packet contains your documentation list, a list of all the documents you must provide, a Request for Modification form (also called RMA) and an IRS form 4506T. This article will deal with the last form in the Homeowners Information Package, the IRS form 4506T, and provide useful tips on how to fill it.
The IRS form 4506T
The IRS form 4506T form gives Chase permission to request copies of your tax records to the IRS. Tax records are used to check and verify your income information. Click here for a pdf copy of an IRS form 4506T. You need to fill in the form with your personal information and all borrowers listed on the mortgage agreement. Remember you and all co-borrowers need to sign and date all the necessary forms. Check you are sending all pages of your statements and copies of any documentation you need to back your claims. If you are sending your application by fax, make sure you send the front and back of the document (a classic mistake). One of the biggest complaints homeowners have about loan modification programs are the long delays and ongoing lists of necessary documentation. Often delays and the need to send extra documentation can be avoided if you check your Homeowners Information Packet’s Document List, make sure all forms are completed and signed by all parties involved in the mortgage and include copies of all the supporting documents required by your lender.
Incomplete Homeowners Information Packet, which are not signed or have documents missing will cause delays. If y0u have any questions call your servicer’s customer service desk. If you are a Chase customer (we have been using Chase’s Loan Modification Program as a sample) you can call 866-550-5705.
Our next and final article in this series on Loan Modification Procedures will deal with your Trial Period Plan and The Final Agreement.
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