How Do You Qualify For A Loan Modification : What You Need To Know About Mortgage Loan Modificatio

Aug. 30, 2012 - PRLog -- Let’s talk about loan modification a bit. First, there are several types of modifications available. You can ask at your bank if they have an in-house loan modification plan or you can look into government sponsored ones. The biggest question you might ask is “How do I qualify for a loan modification?” as you can’t get one if you don’t qualify. Fortunately, there are so many varieties of loan modification; you’re bound to qualify for at least one of them. Here are some of the criteria necessary: If your debt obligations exceed 55% of your gross monthly income, you qualify; if you can prove financial hardship but are still working, you may qualify; if you’ve had a major change in monthly income due to any number of factors, it’s possible for you to get a loan modification.

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Other answers about how to qualify for loan modification are: If you’re applying for a HAMP (home affordable modification program) plan, you must put in writing the reasons why you cannot continue to pay your mortgage as it stands, whether you’ve changed jobs and aren’t earning as much as you were, or you’ve taken on the responsibility of your elderly parent’s care, or another financial setback has occurred. You need to gather up all your documents showing your need for a modification, like a pay stub or a delinquent notice on a utility bill. Demonstrate how much of your current income you spend on housing costs and how much you believe you can afford for a new monthly mortgage payment. You may apply for a HAMP modification through your lender, but expect him to ask for more information about your finances.

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The answer to how long does a loan modification take is varied. It can take as little as thirty days or as long as a year. It depends on what type of loan modification you’re looking at, what agency you’re going through, and your qualifications. The best place to start is meeting with your lender’s representative to discuss the possibilities.  
If you’d like more information about loan modification, Credit-yogi.com has it. Their excellent customer service representatives are always available to address your questions and concerns, so stop by the site.