What will the bank want from me in Delaware?

Last week, we talked about the importance of not burying your head in the sand and talking to the bank if you are in financial trouble.

When restructuring or modifying your loan it is beneficial to have the right tools at your disposal. (phot by Steve Woods)

When you make the phone call to your mortgage company, you need to be prepared for their questions and ready to submit the following information to them:

1. Letter of Hardship. Why are you asking for this situation?
2. Two Bank Statements.
3. Three Pay Stubs (per person).
4. Past two years of Tax Returns
5. Statement of expenses for the family.
6. Bank’s “Statement of Need”. This is called a lot of different things and can usually be found online or by calling the Bank’s Assistance number on your statement. (For example, Wells Fargo Home Mortgage has a “homeowners assistance page” on their Web site.) It will usually be a combination of a few of the above items.

Now this isn’t the same for all banks, for example, some only require two past bank statements. But is a working guideline to help you be prepared to modify or restructure your loan.

Don’t expect this adjustment to happen overnight, the banks – normally – want to work with you and make this deal possible. However, they are overloaded with the number of properties in their system. Some are rather prompt and have responded in 10 days or less while others have taken 45 days or longer to get back to the seller.

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