How do I know if I am eligible for a loan modification under the “Making Home Affordable
You may be eligible if:
• You are the owner occupant of a one to four unit home,
• The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (Don't know? See below),
• At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
• You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
• You have income sufficient to support the new mortgage payments, and
• The refinance improves the long term affordability or stability of your loan.
The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.
Additional Loan Workout Articles
- What supporting documentation do I need to provide to get a loan modification?
- Do I need to be behind on my mortgage payments to be eligible for a loan modification under the Home Affordable Modification?
- What options does a creditor have after a borrower defaults?
- Can lawyer really help with a loan modification?