Before we look at anything else, there are two basic qualifications for getting a permanent change in the terms of your loan.
- You must have a job. If the lender is going to make a change in your loan, they need to have confidence that there’s going to be a steady income stream that will pay for the new terms.
- There must be a hardship. Back when you first signed your loan agreement, both you and your lender legally agreed that this loan made sense. The lender is going to want to know what’s changed — what is the hardship that’s keeping you from making your original payments?
Common hardships include:
- Health conditions (anything that’s kept you from working)
- Loss of income (such as one spouse losing a job, or large cutbacks in pay or hours)
- Divorce or the loss of a spouse
- An adjustable mortgage that can’t be refinanced
There are many other hardships. Your situation is as unique as you are. To see if you might qualify for a loan modification, the best thing to do is to call us at 888-536-0334 and we’ll schedule an initial consultation.
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