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.
Speak to an Experienced Loan Workout Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified loan workout lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local loan workout attorney to discuss your specific legal situation.
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?