Do You Qualify For A Loan Modification?

Determining if you are eligible for a home loan modification can be a complicated exercise and most of the time, the rules are anything but clear. The government-supported program, which differs from the strictly private programs, requires that the borrower’s income be large enough to afford a reduced payment but it cannot exceed 3.23 times the current mortgage payment. Further, the borrower cannot have “sufficient liquid assets” to make the payments, whatever that means.

In addition, the owner of the mortgage must be better off with the modification than without it, which is determined by a complicated algorithm that is available to servicers but not to borrowers or to me. Ultimately, the mortgage company has the final say.

Complete the form below to find out if your eligible for a home loan modification

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