Use that knowledge in giving the bank the three things the it needs to know to determine if you're a good candidate for a Loan Modification:
* Where you're at financially right now
What is the current state of your finances? What are your bills now and what is your income? Are you upside down in your finances or about to be? Upside-down means you owe more than you're bringing in each month. If you're only slightly upside-down the loan modification may still work for you. Remember, you're trying to get your monthly payment lowered if you're accepted. Whatever you state here, upside down or not, you'll have to prove with the detailed documentation you'll provide in the attachments.
* What caused you to get there
What caused your hardship? Lost your job? Working less hours? I'm OK now, but when my mortgage adjusts in two months, I'll be upside-down. Just tell the truth, with verifiable, detailed, documented reasons for your hardship. Whatever your state in this part again, will have to be verified with the documents you provide in the attachments.
* How you're going to get out of this mess
What has changed so you can make your new mortgage payment along with all your other monthly payments now? I got a part-time job, so I can afford the payments now. I'm getting unemployment benefits. The bank can assume that if you're employable you will be employed again. All this information again, has to be verified with the documents you provide in the attachments.
