Do I Qualify for Mortgage Modification?
Mortgage Modifications are for homeowners who can no longer afford their current mortgage payments. These modification programs are designed to make your mortgage payments lower and more affordable.
You can modify your mortgage payments by determining what your current mortgage debt-to-income is, and then have your payment reduced to a mortgage payment you can afford.
Do I Qualify for Mortgage Modification?
- Your home needs to be your primary residence
- The amount that you owe on your first mortgage, in most cases, must be under $729,750.
- You need to be having trouble making you monthly mortgage payment.
- Finally the payment on your first mortgage must be more than 31%of your total gross income and unaffordable due to some type of financial crisis
The mortgage modification company has the final say on whether or not you qualify for the loan modification, but if you fit the criteria listed above, it is highly likely that they will allow you to apply for a modification.
During the qualification screening you will need to show that you have enough income to make your new reduced payment on a long-term basis. It will also be determined whether or not the modification is the right decision, based on the value of your home.
If you are having a hard time making your mortgage payment, and feel that an adjustment would loosen up your monthly finances, a modification is probably the right answer for you. Now that you know what you need to qualify for a modification of mortgage.