The Application Checklist
USEFUL ITEMS you'll need to complete your application

ELIGIBILITY:

	The mortgagor must be 62 days delinquent (3 full payments due and unpaid) or more. (May not apply to all lenders. Call to pre-qualify.)
	Default MUST be due to a verifiable loss of income/ increase in living expenses/death or illness/divorce/military service.
	Loan modification may be in foreclosure when executed.
	Mortgagor has stabilized surplus income sufficient to support the Loan Modification mortgage.
	Does not have another FHA-insured mortgage.

PROCEDURES:
	Mortgagee is required to assess the mortgagor’s financial condition including: bank statements/paystubs or employment letter/financial statement.
	Mortgagee must verify the property has no adverse physical conditions. (In instance of deed-in-lieu scenario)
	Loans reinstated using a Loan Modification within the past three (3) years requires written justification prior to a subsequent modification.