Who Qualifies for Loan Modification?
Howeowners with a temporary hardship that caused a delinquency, but has since been resolved are qualifed. You must also be able to make structured payments and have an income sufficient enough to support the new payment amount. If any of the following situations apply to you, you may qualify to modify the terms of your mortgage and lower your house payment.
- A once affordable loan was recently adjusted and now you can't make payments
- A recent job loss and decrease in income makes you unable to mortgage payments
- Due to a disability you can no longer afford mortgage payments
- Rentors damaged your property and as a landlord you cannot afford current payments
- You're a landlord who can't make payments because of evictions or non-paying rentors
- Divorce
- Bankruptcy
- Pending foreclosure
- Medical bills
- Inheritance (Probate)
- Death in the family
- Other reasons which make you unable to make payments
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