Loan Modification:

Loan Modification Requirements

While each lender has its own requirements for loan modifications, there are a few basic, general requirements that a homeowner must meet in order to be considered a good candidate for the loan modification process. These requirements are listed below:

  • -You must have experienced a hardship resulting in a reduction in income that affects your ability to make monthly mortgage payments. Examples of hardships include divorce, death in the family, medical issues, etc.
  • -It is required that you are currently employed or have another source of a stable and predictable monthly income that is provable.
  • -The home for which you are seeking to obtain a loan modification must be your primary residence.
  • -You must want to retain ownership of property.

A loan modification attorney can help you determine whether you are a good candidate for loan modification.