The Quick Qualification Form
1) Your loan modification associate will email or fax you:
• A Financial Statement (2 pages) that includes cost of living expenses
• A Quick Qualification Form (2 pages) that includes mortgage loan information
as well as the hardship situation, goals and the plan for paying back the modified loan
2) Return a copy of the completed forms and set a time for you and your loan modification
associate to go over them over the phone.
3) The associate will need the Homeowners' combined net monthly income and total monthly
expenses from the Financial Statement. In addition, they will need the Hard Copy version of
the Quick Qualifiaction Form. The associate will input the data into the computer while
reviewing the case with the client.
• Be general in stating your goals - do not state a specific interest rate or principal
balance because you will limit the attorney’s ability to work the modification from
a variety of approaches.
4) The Quick Qualification Form will then be electronically submitted.
The associate and client will keep a copy of what is submitted into the Quick Qualification
Form.
5) An acceptance or denial will be emailed to the representative and they will contact you
about the decision.
The Contractual Process with our Attorney Firm
Once a case is accepted by our attorneys; they will send, through your representative, a packet of required information which includes:
1) General Documents
• Reviewing, Updating, Signing and Dating the Client / Attorney Contract
• Payment to the Attorney firm using a credit card, cashier’s check, or money order
• Hardship Letter Example / Guide to help you articulate your hardship to the
Lender/Servicer
• Financial Statement (2 pages) which was filled out for the Pre-Qual Form
• First 3 pages of Federal Tax Returns for 2007 and 2008
• One Mortgage Statement on all active / recent mortgages
• Copy of each current Utility bill statement(s) all pages (gas, electric, cable, trash,
water, etc.)
• Proof of other Income such as Social Security, Rental income, Child support,
Food stamps, 401K, IRA, etc.
• Copies of your last 2 months Bank Statements (all pages)
• 2 most recent Pay Stubs (for all employed in the household)
• W-2’s from the last 2 years (all borrowers)
• Copies of all other recent Expense Statements (cars, credit cards, installment
loans, etc.)
2) Self-Employed Documents (if you are not self-employed, skip this section)
• Profit and Loss Statement for at least the last 3 - 6 months
• All pages of Bank Statements from the previous 3 - 6 months
3) Bankruptcy Documents (if applicable)
• Letter of Discharge (for Chapter 7 filing)
• Dismissal or Discharge paperwork
• Contact information and approval letter (for Chapter 13 filing)
The Loan Modification Legal Stages
Stage 1 Accounting - Legal services fee and legal services agreement
have been received and being processed
Stage 1.5 Processing - Welcome call made to the client, case has been
assigned to a negotiator
Stage 2 Processing - Clients authorization has been sent to Lender -
Waiting For additional Documents (WFD) needed from client
Stage 2.5 Processing - All documents received by legal team - transferred
case to negotiating department
Stage 3 Negotiating - Package and proposals submitted to lender for
initial review
Stage 3.5 Negotiating - Package being uploaded into lender’s system
Stage 4 Negotiating - File under review, pending additional documents
required from lender
Stage 4.5 Re-Submission Department - Due to initial case denial or client’s
desire to seek an alternative plan
Stage 5 Negotiating - Lender Proposed Plan (Terms reviewed with client)
Stage 6 FS Department - Plan Completed – File Closed
Stage 7 On Hold - Due to Payment Issue, Per Lender, Per Client Request