As part of the application process for a loan modification, all borrowers on the loan are asked to submit various documents that contain information about their
income and employment.
These documents will include:
Depending on your situation, the types of documents you will be asked to provide may vary. To help you understand what documentation must be submitted with your application, you may view a more comprehensive list in our related blog article;
Loan Modification: What Documents are Required?
This detailed list can be a useful when reviewing your paperwork before it is submitted. Confirming that all information is correct may help to prevent delays in the application review process.
Following your submission, we will review the documents submitted with a loan modification application. Each document that has been submitted (or is required to be submitted) will be categorized as either: 1) received, 2) rejected, 3) missing, or 4) pending review. Depending on the status of each of the documents you submit, you will receive a detailed letter explaining which ones (if any) have been marked as rejected, missing, or pending. This notification letter will also provide detailed instructions on how to resubmit the correct documentation along with the deadline that each document must be submitted by. For a better understanding of each of these categories, a more detailed description is provided below:
For documents marked as accepted, this means that the document satisfies the requirements set forth by the investor of the loan for review for consideration of a loan modification and no further action is required on these documents.
Each submitted document must meet certain requirements set forth by the investor of the loan, and must contain specific information so that your eligibility for a loan modification can be determined. If a document has been marked as rejected, this means that it does not contain the information needed to determine your eligibility for a loan modification. In order to correct this, it is important to resubmit all necessary documentation correctly as soon as possible to prevent further delays in the application review process.
If a document is rejected in your application, please review the detailed steps included in the letter you received which explains the specific requirements for each document and instructions on how to resubmit a corrected document. For additional questions or concerns, contact us at 1-800-781-7399.
Certain documents are required by the investor of your loan when reviewing your eligibility for a loan modification. It is necessary to submit all required documents that have been marked as missing so that your application can be complete for review.
To prevent delays in the review process it is important to submit all missing documentation as soon as possible. Please refer to the expiration date on the notification letter you receive so that each missing document may be submitted in a timely manner. Failure to submit each document by its expiration date may result in a denial for a loan modification.
For documents marked as pending review, this represents documents that we have received, but have not yet determined if they are accepted or rejected based on the investor requirements for a loan modification.
Remember, it is important to sign and complete all documentation and that the information you provide is clear and accurate. This can help to avoid delays in the review process due to missing, unclear, or inaccurate documents. For more helpful tips on how to avoid errors during the application process,
view our related article,
Common Document Rejections in the Loan Modification Process and How to Avoid Them.
Please note that if you fail to provide your documentation by the required due dates, your eligibility cannot be determined and you will be denied for a loan modification. To submit all the necessary documentation you must fax or mail your paper application and/or your required documents by using the following contact information:
CIT Bank Residential Servicing
Residential Servicing-4 2900 Esperanza Crossing
Austin, Texas 78758
You may also upload documents right from your home computer. To access our online application, login here.
If you have submitted all required documentation and it is accepted, you will not receive any letters requesting additional documents or confirming the status of the documents. Your loan will then be submitted for review of your loan modification eligibility. Following the review of your loan modification eligibility, you will receive a letter in the mail explaining the results of our review along with any workout or foreclosure alternative options that may be available to you.
If you were denied for HAMP, there are helpful alternatives that you may wish to pursue. These options vary by investor and state restrictions and may include a non-HAMP alternative modification program, repayment plan, forbearance plan, refinance, short sale, or deed-in-lieu of foreclosure. Details of each of these programs are outlined below:
With this option, a servicer may reduce your mortgage payments for a specific period of time, potentially allowing you to improve your financial situation and become current on your loan.
This option allows you to repay your delinquent payment amounts by spreading the amount over several months. Along with your regular monthly mortgage payment, a portion of the delinquent amount will be paid each month over the term of the plan.
A refinance allows you to renegotiate the terms of your mortgage by paying off your existing loan with the proceeds from a new loan with a lower interest rate or other favorable terms.
This option allows you to sell your home at a market value when it is worth less than the total amount owed. The loan delinquency will register on your credit report as "Settled for Less than the Full Balance Owed." While this option may adversely affect your ability to obtain credit in the future, it is usually less damaging to your credit score than a foreclosure. Consult a tax accountant, tax attorney, or real estate attorney for credit advice and tax implications before considering this option.
Deed-in-Lieu of Foreclosure
If you are unable to qualify for a short sale, you may be eligible for a deed-in-lieu of foreclosure, which is an option that will allow you to settle your outstanding loan obligation by transferring ownership of the mortgaged property to the lender. The property must be free of any other liens in order to be considered for this option. If a deed in lieu transaction is completed on your property, we will report that your loan was in default and resolved by acceptance of a deed in lieu of foreclosure. Please, consult a tax accountant, tax attorney, or real estate attorney for credit advice and tax implications before considering this option.
When considering any of these alternatives, it is important that you contact our customer contact representatives to review each option and find out which alternatives may be available to you based on your financial situation.
If you have any additional questions about the requirements for a loan modification or what to do if you are denied for a loan modification, please feel free to contact one of our loan counselors at 1-800-781-7399.