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WWW. NYLJ.com Wednesday, January 20, 2010 2010 ALM Financing Maintaining Lien Priority With Mortgage Modification JEFFREY B. STEINER is a member of and ZACHARY SAMSON is counsel to DLA Piper LLP (US).

How to fill out mortgage modification lien priority

How to fill out mortgage modification lien priority:

1. Gather all necessary documents: Before filling out the mortgage modification lien priority form, make sure you have all the required documents. These may include the original mortgage agreement, any modification agreements, current financial statements, and any other relevant paperwork.
2. Review the form instructions: Read through the instructions provided with the mortgage modification lien priority form. This will give you a clear understanding of what information to provide and how to complete the form correctly.
3. Fill out the borrower information: Begin by providing the borrower's personal information, such as their name, address, contact details, and social security number. This information is essential for identification purposes and ensuring the modification lien is correctly applied.
4. Provide the mortgage details: Enter the relevant details regarding the mortgage, such as the property address, loan number, original loan amount, and current loan balance. This information helps establish the existing mortgage's status and the modifications being requested.
5. Outline the proposed modifications: Clearly state the modifications being requested, such as a change in interest rate, extending the loan term, or adjusting the monthly payments. Be specific and provide supporting documentation if required.
6. Attach supporting documents: Include any necessary supporting documents, such as income verification, tax returns, bank statements, and hardship letters. These documents strengthen your case for the modification and help the lender assess your eligibility.
7. Review and sign the form: Carefully review the completed form to ensure all information is accurate and complete. Sign and date the form as required by the instructions. Keep copies of the signed form and supporting documents for your records.

Who needs mortgage modification lien priority:

1. Homeowners facing financial hardship: Mortgage modification lien priority is typically needed by homeowners who are experiencing financial difficulties and are at risk of defaulting on their mortgage. These individuals may have had a decrease in income, unexpected expenses, or other circumstances that make it challenging to meet their mortgage obligations.
2. Borrowers with adjustable-rate mortgages: Homeowners with adjustable-rate mortgages may seek mortgage modification lien priority when the interest rates rise significantly, making their monthly payments unaffordable. By modifying the lien priority, borrowers hope to obtain more favorable terms and lower monthly mortgage payments.
3. Individuals seeking to avoid foreclosure: Mortgage modification lien priority can help homeowners facing foreclosure by providing an alternative solution. By adjusting terms such as interest rates and loan amounts, borrowers can potentially prevent foreclosure and keep their homes.

Note: It is essential to consult with a qualified mortgage professional or housing counselor who can provide personalized guidance and assistance throughout the mortgage modification lien priority process.

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