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Beginning Your Loan Modification Application Process

What we need to begin your application process

  1. A 3rd party authorization signed by all of the borrowers on the mortgage.
  2. A 4506-T Form signed by each borrower and contributor to the household income.
  3. A RMA or BRP signed by all borrowers on the mortgage.
  4. A Dodd-Frank certification signed by all borrowers on the mortgage.
  5. A Budget Analysis for the household completed and signed by the borrower.
  6. Pay Stubs for each borrower from the last 30 days.
  7. If a borrower owns his or her own business a Profit and Loss statement for the last quarter is required.
  8. If a borrower is unemployed and collects Unemployment, Disability or Social Security income, proof of that income is needed in the form of a letter from the respective agency.
  9. If rental income is received, a Lease Agreement AND Proof of Payment must be provided.
  10. Bank Statements for the last three months from each borrower.
  11. Mortgage Statements for the last two months.
  12. A Hardship Letter signed by the borrower.
  13. Tax Returns, Form 1040 and w-2 from all borrowers for the last two years.
  14. For Non-Borrower Contributors the following documents are needed:
    1. An Utility Bill
    2. A signed Non-Borrower consent form
    3. Three months pay stubs
    4. Two years of tax returns


It is important that each month you supply us with every month’s bank statement, mortgage statement and proof of income so that we may keep your application up to date.

If you have any questions or concerns please contact our office at 101-05 Lefferts Blvd. Richmond Hill, NY 11419. Our telephone number is 718-849-6900.


Thank you,

George Russo and Associates


Beginning Your Loan Modification

Documents Provided:

  1. A 3rd Party Authorization
      1. To be signed by all the borrowers on the mortgage
      2. Lenders require borrowers to submit written consent for anyone besides the borrower or co-borrowers to speak to them about the account. This allows us to speak on a client’s behalf concerning all aspects of the modification process.
  2. A 4506-T Form
      1. To be signed by all the borrowers on the mortgage
      2. This form is used to assess a borrower’s creditworthiness to obtain any type of loan.
  3. A Modification Application Form
      1. To be signed by all the borrowers on the mortgage.
  4. A Dodd-Frank certification
  5. A Budget Analysis for the household
  6. Proof of Income
      1. Pay Stubs from the last 30 days
      2. If self employed: Profit/Loss for the last quarter
      3. For rental income: Lease Agreement and Proof of Payment
      4. Social Security, Disability, Worker’s Comp, or Unemployment Letter
  7. Bank Statements for the last 3 months
  8. A Hardship Letter signed
  9. Tax Returns Form 1040 and W-2 from last 2 years
  10. A Mortgage Statement
  11. A Utility Bill
  12. A Non-Borrower Consent form
  13. Three months pay stubs
  14. 2 years of tax returns