qualifying for home loan modification?
by admin on Wednesday, October 13th, 2010 | 3 Comments
Is there a way to determine if I qualify for the home loan modification?
You need to call your lender to find out. It is not an easy question ot answer, with lots of varitables, many of which you likely do not even know.
You would need to prove…with financial records…that you can no longer afford the home.
References :
You need to call your lender to find out. It is not an easy question ot answer, with lots of varitables, many of which you likely do not even know.
References :
If you have a legitimate, verifiable hardship you have a good chance of qualifying. A hardship can be anywhere from reduction of work hours/ reduction of income, loss of job, unexpected dental/medical expenses, unexpected increase in expenses, your ARM mortgage is adjusting higher, death, illness, divorce, etc. The lender will typically try to reduce your housing debt-to-income (DTI) ratio to 31%. To figure your DTI, divide your mortgage payment (PITI) by your gross income.
The most important part here is to contact your lender and tell them you want to modify your loan. They’ll give you a list of documents they’ll need from you in order to determine if it’s best to modify your loan or not. If you chose to do this yourself, without the assistance of a professional, be PERSISTENT with the lender as they will try to give you the run around.
References :