Financing in 92253>Question Details

m2seebee, Home Owner in Los Angeles, CA

How do people qualify for load modification? Is there are formula to calculate income vs expenses to be approved and determine a new payment plan?

Asked by m2seebee, Los Angeles, CA Sun Aug 4, 2013

0 votes Share Flag Financing in 92253

Help the community by answering this question:


Each lender is different so it is hard to give a definite answer to your question, but I will try my hardest to help you. In order to qualify for a loan modification you will need to verify a legitimate financial hardship.

Also, there are other requirements in order to qualify for a loan modification under HAMP (Housing Affordable Modification Program).

1) The first mortgage must have originated before Jan. 1, 2009
2) The property must be the borrower's principle residence
3) The borrower’s total monthly mortgage payment exceeds 31% of their gross income
4) The mortgage is delinquent or default is reasonably foreseeable
5) The unpaid principal balance is no more than $729,750 (this will differ for 2-4 unit dwelling)

Along with all these requirements, the mortgage needs to be serviced by a lender who is participating in the HAMP program. Then the next step would be to gather your financial information (your current income and expenses) along with your mortgage statement, so you can then be ready to contact a lender to move forward with your loan modification.

I hope this helps! If you have any other questions feel free to contact me with the information on my profile page!

Good Luck!
0 votes Thank Flag Link Tue Aug 6, 2013
Just want to thank you for the informative and helpful reply. Our situation is a bit complicated so maybe I can ask for your input next time.
Flag Thu Aug 8, 2013
There are many components to this issue and it has to do with the lender, the terms and conditions of the loan and whether the lender violated those terms. It also has to do with the borrower's ability to make the proposed payment.
The best way to handle this is through litigation and federal court.

Send me your basic info for look C21DANFERRERA@GMAIL.COM
0 votes Thank Flag Link Mon Aug 5, 2013
Each bank is different. Please tell me the bank servicing the loan, loan amount, any jr liens, and property address. Feel free to email me

0 votes Thank Flag Link Sun Aug 4, 2013
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