What Is in a Loan Modification Financial Worksheet?
Lending institutions such as banks and mortgage companies require certain information if you want to modify the terms of your loan. In addition to standard paperwork, the loan modification process includes a financial worksheet. The loan modification financial worksheet asks for personal and financial information to help lenders make a decision about the terms of your loan.
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Identifying information
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A loan modification financial worksheet can require identifying information. You might have to provide your name, Social Security number, phone numbers, and addresses and similar details.
Household Expenses
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In addition, a loan modification financial worksheet might ask you to detail expenses in your household budget. Some lenders might want you to list all your household expenses on the financial worksheet to justify changes to your loan terms.
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Income
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Your sources of income are listed on your loan modification financial worksheet. That can include wages from your job, disability benefits, child support, rental income and other sources.
Investments and Assets
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The worksheet can list all your investments, savings and checking accounts, individual retirement accounts and other holdings of value.
Debts
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A listing of all your debt helps lenders have a clearer grasp on your financial health. Loan modification financial worksheets weigh your debts against your assets, including income and investments, to determine your net worth.
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References
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