Loan Modification Guidelines

When contemplating on doing a loan modification you may want to take into consideration these guidelines before going through the hassle.

If you feel that these guidelines fit your current financial situation, then I say move forward with the loan modification.

These guidelines are here to assist you in making a decision on getting yourself back on track and keeping your home.

here has been a loan modification or rate freeze on the property in the last 12 months
If the lender did a rate freeze for you without you asking in the past 12 months.
You are already in a low-fixed interest rate with no hardship and aren't behind on your mortgage.

If your loan is an adjustable rate mortgage that isn't set to adjust anytime soon. The loan has to be within 2 months of adjusting or has already adjusted.
The loan is an option ARM that isn't late or isn't in foreclosure.
You are claiming a hardship but not showing a loss of assets

Questionable loan modification.

• Your current loan is a low-interest only payment. If the lender does a modification and they fix the rate it may take the payment up because of it being interest plus principle payment.
• Any fixed rate loan that is at a 7.5% or lower that isn't late lenders normally won't even entertain doing a loan modification.

These are loan types that will work better for you.

• If the loan is a 2/28 ARM or 3/27 ARM that is within 2 months of adjusting.
• Any loan that is delinquent-unless you have been modified in the past 12 months.
• Any high-interest rate loan with a subprime lender, whether fixed or adjustable.
• Any adjustable high interest rate loan that is within 2 months of adjusting.

I hope that this will be of some help to you in making a decision. This is just what I have been experiencing while doing loan modifications. I found this information very informative, and wanted to share my knowledge with you.

If you are feeling the pinch of a delinquent home loan and stressed about losing your home to foreclosure, we are here to assist you. We offer a money back guarantee if we can't get your delinquent home loan modified