• A mortgage modification benefits property owners who are unable to pay their mortgage payment. A high interest rate, loss of employment or illness can play a role in payment problems. But fortunately, mortgage lenders can help borrowers in this situation. A mortgage modification alters your loan terms to create an affordable payment. But before requesting a modification, familiarize yourself with the process.
  
  

Make Copies of Income Documents

• Mortgage lenders do not approve everyone for a loan modification. This program is available only to homeowners who are in jeopardy of losing their property, and some mortgage lenders will consider your request only if you're behind on monthly payments. They'll ask for copies of your recent paycheck stubs and bank statements. Have these documents on hand and make copies to show your lender.
  
  

List Your Monthly Expenses

• Along with providing proof of your current income, you'll need to provide a list of your current monthly expenses to prove financial hardship. Be prepared and make a list of your household expenses such as housing costs, transportation, utilities, insurances an other debt payments. Lenders will review this information and compare your expenses with your monthly income to see if you qualify for a loan modification.
  
  

Write a Hardship Letter

• More is involved than providing lenders with a list of your expenses and monthly income. Lenders will want to know the exact causes or reasons behind your financial problems. A hardship letter outlines in detail the reason behind your mortgage problems, and lenders use this information to make a decision. Be specific and give a detailed account of your situation. For example, did you lose your job? Did illness cause you to miss work? Or, did you experience a divorce or separation that complicated your finances?