In order to know who qualifies for loan modification we must know what it is briefly. That means if a borrower faces tremendous financial difficulties and cannot pay off their mortgage loan on time, they must find ways to change the rate of the mortgage, or the rate of it.
According to the US Department of Treasury, anyone with high combined mortgage debt compared to income or who is “underwater” (with a combined mortgage balance higher than the current market value of his house) may be eligible for a loan modification. This initiative will also include borrowers who show other indications of being at risk of default. Eligibility for the program will sunset at the end of three years.
This modification program applies to borrowers who are unable to make — or are struggling to make — mortgage payments.
To get the whole process in hand, your lender, which is the company where you got your loan will ask for the loss mitigation department. Honestly state your situation. They will assess it via phone calls and paperwork and determine whether you qualify for a modification and might tell you to wait.
The result will be depend on the degree of your financial hardships, it’s better to hire legal counsel. In additon, banks would rather have you stay in your home.
Those who are qualified for the loan modification will conquer the hard period by the help of the new policy.
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I have a low credit score due to unemployent 7 years ago, and owed the taxes state and federal of 45K, just paid off and still have a loan of 25K from my partners retirement fund.
My taxes are arrears on the home and paid 12k in past year w/ payment plan.
Please advise, would like to refinance w/ FHA new fed program, my house is upside down, and I have the legal owner financing e at 8.6 percent, just one month behind due to paying house tax in April
Irene Serna
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