Who Makes a Good Mortgage Loan Modification Candidate?
Do you want to learn how to modify your loan into a better fixed rate, a lower payment, a lower principle balance, and delinquent payment forgiveness, but have no idea where to start? You're not alone. Loan modification isn't terribly hard to do, but it can be intimidating to the uninitiated. The first thing you must do is decide whether you are actually a likely candidate to be approved for a loan modification.
The ideal loan mod candidate has a job, is one or two payments behind on his or her mortgage, occupies the one house he or she owns, and is just a little short on his or her overall budget every month. A couple hundred bucks lower payment will make all the difference.
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Homeowners who recently had to find a new job, or who had an expensive and debilitating illness or injury, are great candidates for a loan modification. A death in the family, getting divorced, or having a baby are commonly accepted reasons for loan modification approvals. Borrowers who took a pay cut often qualify, and so do situations where one spouse recently lost a job. Adjustable rate mortgages (ARMs) that just increased in rate and payment, or are about to, are perfect loan mod candidates. If any of these situations apply to you, then you have a higher likelihood of getting your mod approved. You need to mention any of the above reasons in your hardship letter.
So, which borrowers have a smaller chance of getting their loan modified? For starters, investors rarely get approved because mortgages on investment properties are way more difficult to modify for complicated reasons, not the least of which is that lenders are simply not very sympathetic for investors who overextended themselves (though that may be changing in the coming months). Self-employed borrowers are more difficult than those with regular jobs, but certainly not impossible.
If you're unemployed and have no other noteworthy income, you need to either get a job before trying the mod or begin working with a short sale expert to sell your house immediately, unless the unemployment is truly temporary (and about to end) or due to medical problems. If you have a lot of personal debt besides the mortgage (such as credit cards), your modification will be difficult to pull off due to elevated debt-to-income ratios. Assuming you don't have the cash to pay this debt off right now, you may want to consider bankruptcy now, and then pursuing the modification later. Consult with a bankruptcy attorney to decide if this strategy is right for you.
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