What Are The Requirements For A Loan Modification?

what are the requirements for a loan modification

Vicente A. Martinez Real Estate Sales Representative Woodhaven, NY (718) 670-0927 Contact Profile

Here are some of the acceptable reasons a bank would be willing to modify your loan:

If you are presently in a:

  • negative amortization loan
  • interest only loan
  • adjustable rate loan
  • facing foreclosure
  • are late on your mortgage
  • will not be able to pay your mortgage

Especially if you have financial troubles such as:

  • loss of employment
  • loss of, or reduced income
  • recent divorce
  • health issues and/or excessive medical bills
  • excessive debt
  • death of a spouse, family member, or co-income generator
  • increase of monthly payment obligations
  • loss or failure of business
  • property damage
  • incarceration
  • inability

    to refinance for any reason

Remember these are just some of the guidelines and I urge you to seek a professional to help you in the qualifying your situation.

I'll be more than happy to point you in the right direction. just email me at ProRealtor@verizon.net

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By Vicente A. Martinez Real Estate Sales Representative with Prudential Douglas Elliman Licensed Real Estate Salesperson

Posted on December 14, 2008 01:58 PM

Source: activerain.trulia.com

Category: Credit

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