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Loan Modification Eligibility

Unfortunately when it comes to taking out a loan, unforeseen circumstances can be the reason why we end up defaulting on the agreement. It is because of this that loan modifications have been created, why? Because it enables the lender and the borrower to make an arrangement that benefits both parties.

So if you are unlucky enough to find yourself in a situation such as this then the following information could mean the difference between you keeping or losing your home.

Can I have more than one loan modification?

A borrower is only allowed to have one HAMP-FHA OR loan modification within a twenty four month period.

What does a lender use in order to determine your eligibility, when it comes to a loan modification?

Every lender has certain criteria they need to follow which is specifically an analysis of those person’s finances in order to determine whether they are eligible for a loan modification:

  • Is the surplus income of the borrower at least $300 and at least fifteen percent of their net income on a monthly basis
  • Can the borrower prove that their living expenses have increased or that they have lost a large enough amount of their income
  • A trial three month payment plan has been completed successfully based on the borrower having had their mortgage repayment reduced, or the borrower completing a four month payment plan due to their home being under a forthcoming default
  • The borrower has not had a HAMP-FHA or loan modification in the last 24 months
  • The borrower has an insufficient surplus income of 85%which means they are unable to clear the arrears they have accrued within six months
  • The borrower is in receipt of a “continual income” for example social security, child support, pension, Veterans benefits, disability, pensions/ or survivor benefits. This can also be (earnings from self employment, salary or wages)

 

Loan Modification Eligibility
Unfortunately when it comes to taking out a loan, unforeseen circumstances can be the reason why we end up defaulting on the agreement. It is because of this that loan modifications have been created, why? Because it enables the lender and the borrower to make an arrangement that benefits both parties.
So if you are unlucky enough to find yourself in a situation such as this then the following information could mean the difference between you keeping or losing your home.
Can I have more than one loan modification?
A borrower is only allowed to have one HAMP-FHA OR loan modification within a twenty four month period.
What does a lender use in order to determine your eligibility, when it comes to a loan modification?
Every lender has certain criteria they need to follow which is specifically an analysis of those person’s finances in order to determine whether they are eligible for a loan modification:
• Is the surplus income of the borrower at least $300 and at least fifteen percent of their net income on a monthly basis
• Can the borrower prove that their living expenses have increased or that they have lost a large enough amount of their income
• A trial three month payment plan has been completed successfully based on the borrower having had their mortgage repayment reduced, or the borrower completing a four month payment plan due to their home being under a forthcoming default
• The borrower has not had a HAMP-FHA or loan modification in the last 24 months
• The borrower has an insufficient surplus income of 85%which means they are unable to clear the arrears they have accrued within six months
• The borrower is in receipt of a “continual income” for example social security, child support, pension, Veterans benefits, disability, pensions/ or survivor benefits. This can also be (earnings from self employment, salary or wages)

Loan Modification Specialists has over 10 years experience of which thousands of Foreclosure cases have been prevented. 

We can Stop Foreclosure. We can lower your payments and we have multiple alternatives to help you get your finances back on track. Get Started Today!

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We take pride in knowing that we worked as aggressively and strategically as possible to ensure that our clients are protected. Our staff of foreclosure litigation and loan modification experts worked diligently with each and every client, ensuring that we have dotted our Is and crossed our Ts in every aspect throughout our relationship. Our network of supporters include industry experts such as real estate and mortgage brokers, private lenders, hard-money lenders, investors, auditors among others reinforce our processes by supplying us opportunities that overcome almost any obstacle.

This what makes makes us different and this is why we are successful.

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