VA Loan Modification: New Video From Freddie Mac

VA Loan Modification: Freddie Mac Releases New Loan Modification Video

Many people across the country currently have a VA loan and are interested in seeing if a loan modification can help them. This week, a new video was released by Freddie Mac titled “Stop Foreclosure: Documents Your Lender Needs To Help You” and with many people all over the country calling their lender about a possible loan modification – this video should help explain what is needed. Most lenders are overwhelmed with people requesting loan modifications and this video will do an excellent job of letting people what their lender will require.

VA Loan Modification: Documents Your Lender Will Need

  • Copies of your last years tax return
  • For any other debt such as credit cards, car loans, etc. – have account balances and minimum payment amounts
  • A copy of your most recent mortgage statement
  • A copy of recent paystubs
  • Any second mortgage or home equity line of credit statements that you have

VA Loan Modification: Hardship Letter

If you are wondering if you really need to write a hardship letter — don’t wonder. A well written hardship letter is a vital part of the loan modification process. A well written hardship letter that describes the “human story” can often be the key that makes the difference between your loan modification getting approved or denied – so don’t neglect it!

2 Responses to VA Loan Modification: New Video From Freddie Mac

  1. Interesting!

    The loan modification process can be frustrating and confusing for many distressed homeowners. But you have to know what exactly is loan modification. A loan modification is a permanent change in one or more terms of a borrower’s home loan.

  2. lARRY cHADWELL says:

    Well’s Fargo states that they cannot do a home modification loan on a VA loan. The only thing VA has is a streamline loan and with the addtional costs and fees including VA’s and closing costs…it puts you up-side down on your home…now how does this suppose to help anyone but VA and refinance companies.

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