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Loan Modification Qualifications

"Will I qualify for a loan modification?" is the most frequently asked questions we get asked. As a result we would like to say a few words about this simple question which unfortunately has a complicated answer. We repeat the themes of recency and variations throughout this website. By recency we refer to the entire housing crisis, the severity of the current recession and by variation we refer to the micro economies of the nation. How some states, cities and towns have been affected significantly differently than others and as a result different households have wide variation of financial hardships. Keep in mind that it will be extremely difficult to find a website that will outline all loan modification qualifications given every economic and financial variable of the nation. Think of a loan modification as a mathematical formula with a dozen variables and the value of each variable being different from one household to another. As a result without the human element involved it will be extremely difficult to answer this question with serious closure. We ask that you take 10 minutes and call our loan modification consultants for a free consultation.

Call: 866-606-7279 for a FREE consultation today!

Other common loan modification qualification questions include:

  • Does my house have to be nearing foreclosure in order for me to qualify for a loan modification? NO.
  • One of the requirement for loan modification is for me to have missed multiple payments and accumulated a significant amount of delinquency fees. WRONG
  • One of the criteria for a successful loan modification is for my loan to be underwater and for me to be unemployed? WRONG
  • I'm still employed and can afford my mortgage payments but I have significantly less disposable income and can't save a penny, I'm certain my lender won't modify my loan based on these conditions? WRONG
  • I'm interested in modifying the mortgage on a piece of income property however a prerequisite to loan modification is that you only own one property. WRONG
  • Since I own a second home I won't qualify for a loan modification. WRONG
  • My financi'l hardship is temporary so I probably won't qualify for any type of loan modification. WRONG
  • There aren't very many foreclosed houses in my neighborhood which probably means the bank doesn't care if I foreclose. WRONG
  • I have a jumbo loan and banks don't modify jumbo loans? WRONG
  • The adjustable interest rate on my mortgage has not reset yet therefore I shouldn't try to modify my mortgage loan until after it resets. WRONG

    • Qualifying for a loan modification requires the borrower to answer some personal financial questions while your Trinity Mortgage Counselor studies your mortgage loan. Loan modification is based on cost analysis calculations. There are very few lenders in the U.S. that welcome foreclosures. Foreclosure can be very costly for both borrowers and lenders and your ultimate goal should be to hire a loan modification consultant that understands the lenders threshold and tolerance for risk.

    Call: 866-606-7279 for a FREE consultation today!

    Trinity Loan Modification
    Serving California and Beyond
    580 2nd Street, Suite 210
    Oakland, CA 94607
    It's Your home, health and happiness.&tm;