Things You'll Need:
- Hardship letter
- Budget
- Bank statements
- Paycheck stubs
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Step 1
Contact your mortgage company. Explain your situation. You will then be transferred to a loan counselor in the loss mitigation department. The representative will adivse you of the different options available, the most common being temporary forebearance. For this example, we will assume that you have accepted a temporary forebearance plan.
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Step 2
Upon receipt of your temporary forebearance letter (typically in 5 - 10 business days) sign it and return the additional documentation that the bank requires. Normally this will include pay stubs, bank statements and a budget letter.
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Step 3
Contact your bank one week after you mailed the information to ensure that they received it. If they have received it you will be adivsed of your new payment schedule. This payment schedule will outline an additional amount that you must pay each month over a six month period that will catch you up with your mortage payments to bring it current.
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Step 4
Sign your loan modification agreement when the repayment schedule arrives. This loan modification will remind you that all payments must be on time for the loan modification to stay in place. In the even that you miss one payment or are late on one payment the bank can dissolve the agreement and proceed with foreclosure.
