Save Your Home and Credit With Mortgage Modification
January 31, 2010 by admin
Filed under Home Mortgage
If you recently have suffered a serious personal and financial hardship, do not let it cost you your home. Work with your lender and the Department of Housing and Urban Development (HUD) to secure either a federally sponsored refinance or a loan modification. Approximately nine million hard-pressed families qualify for this support; you probably number among them. Contact HUD and your lender before foreclosure proceedings go any further.
Mortgage modification qualification
Of course, your goal is to save your home and protect your credit. Just as importantly, you must demonstrate to your lender’s satisfaction that you can bounce back from your hardship and repay your debt. As you enter negotiations, rest assured your lender wants you to qualify for modification, because foreclosure on your home puts another “toxic asset” on the bank’s books.
After demonstrating that you satisfy the mortgage modification criteria, you still must make the case that you are “a responsible borrower,” and you must prove that you have endured a hardship that has reduced your income or increased your expenses to the point that your home loan payment exceeds 31% of your gross income.
A professional debt counselor or an attorney with special expertise in loan modification can help you make the case for credit worthiness, and he or she will assure the consistency of your financial history and the documentation of your hardship. A medical emergency provides a reasonable example: John Q. Public has kept his mortgage payment current for the past nine years. Then, suddenly and with no warning, he suffered a heart attack, and his health insurance did not cover all of his medical expenses, so that he fell behind on all his bills. His disability payments barely kept him and his family surviving from day to day. Now, he is fully recovered and back at work. The expenses and bills, however, continue to plague him and the family.
A loan modification perfectly satisfies John q. Public’s needs, and he has all the records he needs to support the history he recounts. When you make a similarly compelling case, your lender and HUD will grant your modification, empowering you to come back from your hardship.
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