The waive of foreclosures is far from over as we manage our way through this recession. Unemployment climbs to record highs as we prepare for a second waive of mortgage loan resets and adjustments.
With all the hype, confusion, and negative press regarding the real estate market, a loan modification is an an effective and successful option to help soften the blow for homeowners.
So what is a loan modification and how does someone qualify. Well a loan modification occurs when a lender restructures the original interest rate or term of the loan because the borrower can no longer meet the obligations of the loan. It may also, although very rare, include reducing the principal balance. This technique has become prevalent in the residential mortgage loan market, due to the high numbers of foreclosure across the nation. The lenders have received government assistance and a potential to gain access to more funds as their is an incentive for them to modify loans via programs such as Making Home Affordable and the Mortgage Affordability and Stability Act.
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Although qualifying for a loan modification varies from lender to lender, there are some factors that are universal.
1. You must be able to afford the new payment. This is a calculation the lender uses including your current income vs. expenses.
2. A valid hardship must exist. Homeowners who have substantial reserves and/or investments that could potentially satisfy a monthly mortgage payment are likely to be denied. However, the homeowner who has had a health condition now finds themselves behind because of those medical bills has a stronger chance of getting approved.
3. You must be proactive. The lender does not want to help those who do not help themselves. Staying in a home for several months without responding to the lenders calls is a no no. This is not a handout and lenders appreciate the homeowner who takes action early as soon as they realize they is an issue with paying their mortgage payments.
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