If you're having trouble making the monthly payments on your home, chances are you've already started looking for loan modification help. This is a great first step, but the reality is that not every homeowner can qualify for a home loan modification.To see if you qualify to receive loan modification help, consider the questions below.
How long have you lived in your house?
Home loan modifications can only be made 12 months after the start of a loan.
Who lives in your house? Do you have more than one mortgage?
It's OK to have a boarder, but it's not OK to apply for a home loan modification for a house you don't live in. Loan modification help is designed to help people stay in their homes, not to cushion investors. Similarly, modification help is not available for vacation houses or other supplementary homes.
Have you experienced hardship?
Hardship might seem like a difficult thing to measure, but you will need to provide an explanation of how you got behind on your payments. This could be losing your job, having to take care of a sick family member, or a variety of other circumstances.
Will you be able to afford your new payments?
Although home mortgages refinance to lower your monthly payments, your lender will still require proof of income to ensure that you will be able to afford your new payments.
2 comments:
There are many different situations that could require you to need to refinance your current mortgage loan.The most important thing when taking out a refinance loan is not to go with the first one you find, you must compare options. Choosing the first option may not be the best choice, by getting a number of quotes, you may be able to negotiate.
How Much Can I Borrow
A Loan Modification is... an excellent way to stop foreclosure for anyone who wants to keep their home and can't afford their mortgage payments.
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