If you need a loan modification, you will have to prove that you qualify for one. There is an excellent article in today’s USA Today that talks about the requirements that many lenders are asking of borrowers in connection with a loan modification.
When we get involved in loan modifications for our clients, we ask for many of these documents in advance. Looking at this information and talking with our clients, we like to see if the reason that the the client cannot pay their mortgage loan is a temporary or a permanent condition. This is something that the lenders are keenly interested in as well. For example, if the reason why someone is unable to pay their mortgage is due to a temporary condition such as a job loss, then he may be a better candidate for a loan modification than someone whose adjustable rate loan just rose to a point that they can no longer pay. The documents that the banks are looking for are helpful in in answering this questions.
If you are even thinking about asking for a loan modification, start getting your documents together. I would advise against asking the bank for a face to face meeting and then starting your hunt for the documents.