A real estate attorney could be your best friend if you're facing foreclosure, but this process can get very expensive if you're not properly prepared to bring one of these professionals onto your team for a mortgage modification. In order to expedite this process, here are all of the documents you should have ready to send to your real estate attorney in order to make sure the process goes quickly and smoothly, and to give you the best chance at retaining your home.
This group of forms includes the Request for Mortgage Modification and Affidavit and the Tax Authorization. The Request for Mortgage Modification and Affidavit is a form that basically shows the bank that you are experiencing financial hardship and require a mortgage modification in order to keep from having to go to drastic measures to keep your home, or that you are in danger of losing your home altogether. The Tax Authorization form gives your mortgage company access to your most recent tax filing in order to assess your financial situation. Both of these forms are available on government websites.
Proof of Income
This form is not quite as cut-and-dried as the other two in that there is no set form to fill out. As a basic outline, the proof of income requires you to state where your primary source of income is as well as all other homeowners noted on the loan. This includes spouses or civil partners if need be, as well as parents if a student or young adult has needed help paying for their house in the past. Filling out this form can be tricky if you're self-employed, so it might be worth it to seek some advice on this process for freelancers, like this helpful article.
Dodd-Frank Certification Form
This is a form that you need to fill out if you're applying specifically to the Making Home Affordable Program, that basically says that you have not been convicted of any real estate-related crimes in the past ten years under the Dodd-Frank Wall Street Reform and Consumer Protection Act. This form should be a breeze if you don't fall into this category, but if you do, it may be difficult to negotiate a new mortgage.
Negotiating a new mortgage can be a scary and lengthy process, but if you provide your real estate attorney with the proper paperwork in a quick and orderly manner, the process goes much more smoothly. Also, since it's a relatively little amount of paperwork to begin with, you can be on your way to a more affordable mortgage in no time if you can assemble your paperwork and send it as soon as possible.
For more information, contact Beran Law Office or a similar firm.
Do you understand the legal jargon involved with a real estate transaction? Neither did I until I started buying houses every few months. When I started flipping houses, it forced me to become much more familiar with real estate paperwork. Unfortunately, I realized that a few of my earlier mistakes may have led me to make errors that cost me money. From that point on, I decided to hire a real estate lawyer to go over all of my paperwork before it was submitted. After I started working with my lawyer, it was incredible to see how much easier things were.