What is a loan modification, and how do you know you qualify?

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What is a loan modification, and how do you know you qualify?

Home Modification Attorney

Home Modification Attorney

Find Out If You Qualify For A Loan Modification

 

According to HUD.GOV, a loan modification is “a permanent change in one or more of the terms of a Borrower’s loan, [which] allows the loan to be reinstated, and results in a payment the Borrower can afford.” When dealing with this type of situation, a Home Modification Attorney, like Andres Montejo, is the best way to simplify the process.

How do you know you qualify for a loan modification?

In order to qualify for a loan modification, one must meet a few requirements, such as:

  • Mortgage obtainment on or before January 1st, 2009.
  • Property has been condemned.
  • You owe up to $729,750 on your primary residence of single unit rental property.
  • You owe up to $934,200 on a 2 unit rental property; $1,129,250 on a 3 unit rental property; or $1,403,400 on a 4 unit rental property.
  • You have sufficient documented income to support a modified payment
  • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

These are the qualifications that are required in order to apply for a loan modification. Your Home Modification Attorney, Andres Montejo, will help you learn and understand the requirements and if you qualify, as well as how to apply if you do.

How do you apply for a loan modification? Its as easy as 1,2,3!

  • Collect your financial information
  • Collect your mortgage information
  • Call

Call the Home Modification Attorney, Andres Montejo, today if you or someone you know is in need of some help for their loan modification!

Information from http://homeownership.org

Home Modification Attorney | Mortgage Modification Attorney