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LOAN MODIFICATION |
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A loan modification is a permanent change in one or more of the terms of a borrower's loan. It is designed to allow a borrower to change the terms of the loan in order to have a better chance to pay it off and avoid default. The terms most often modified are the length of the loan or the interest rate. When modified, the loan is reinstated.
The following property types may be eligible for Modification:
The following mortgages may be eligible for Modification:
The following persons may be eligible for modification if:
As you can see, it is very difficult to secure a loan modification. If it is something you would like to try, we can help you with presenting the information to your lender.
The following property types may be eligible for Modification:
- Owner or non-owner occupied properties. (i.e., primary residences, investment properties, or second homes).
- Vacant properties, but cannot be condemned.
The following mortgages may be eligible for Modification:
- First lien mortgages where the pre modified mark to market loan to value (MTMLTV) ratio (gross unpaid principal balance of the current loan, including any principal forbearance as a result of a prior modification, divided by the property value obtained in accordance with Guide Section B65.16, Property Valuation Requirements) must be greater than or equal to 80 percent.
- Mortgages originated at least 12 months prior to the evaluation date for the modification.
The following persons may be eligible for modification if:
- The borrower is 60 days or more delinquent; or
- Current or less than 60 days delinquent, occupy the property as the primary residence, and determined to be in imminent default;
- The borrower must document an eligible hardship that is causing or expected to cause a permanent or long term increase in expenses or decrease in income. (Unemployment and other temporary hardships are not eligible hardships.);
- The borrower must have verified income available to make the modified mortgage payment. (Unemployment benefits are not an acceptable source of income.);
- The borrower must have been determined to be ineligible for the Home Affordable Modification program (HAMP). In addition, borrowers who received but defaulted on a HAMP Trial Period Plan, a HAMP modification or other modification, or Trial Period Plan are eligible;
- The Borrower's surplus income is at least the greater of $300 and 15% of net monthly income;
- 85% of the Borrower's surplus income is insufficient to cure arrearages within 6 months;
- The Borrower's monthly mortgage payment can be reduced by the greater of 10% of the original monthly mortgage payment amount and $100, as a result of the Lender setting the interest rate at the Market Rate and amortizing the new loan over 30 years.
As you can see, it is very difficult to secure a loan modification. If it is something you would like to try, we can help you with presenting the information to your lender.
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Content copyright 2014. Homeowner Relief Lawyers, LLC. All rights reserved. |
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*Legal Disclaimer
While Mr. Kleven has practiced in real estate law for many years, neither he nor any other attorney at Homeowner Relief Lawyers is officially certified by the Sate bar of Nevada as a certified real estate expert. Also, neither Mr. Kleven or any other member of Homeowner Relief Lawyers is a CPA or tax attorney. The information provided on this website is informational, only. The subject matter and applicable law in all legal areas is in a constant state of change. No legal, accounting, or tax advice is given and no attorney/client or other relationship is established or intended. The information provided is from general sources and although we believe it to be accurate, we cannot represent, guarantee or warranty that the information contained in this website is accurate or is appropriate for the usage of any reader. We are independent of cross links and do not warranty their accuracy or applicability. We are primarily located in Nevada and comply with all ethical rules of the State Bar of Nevada. Some States require the wording "This is an advertisement" or other words or information of this nature. The content of this website may be fact specific and dependent upon the special needs and purposes of the visitor. Each situation stands on its own. We recommend that readers of this information consult with their own counsel prior to relying on any information on this website. This website is not intended as legal advice. Reading email or replying to email or accepting telephone calls or returning telephone alone shall not be considered legal advice, or that I have been retained as your attorney. A signed retainer agreement is needed for formal representation. We require that all agreements for professional services be in writing and signed by the Firm and the client. No professional relationship will be deemed to exist unless and until an agreement for professional services has been signed by both client and attorneys after appropriate interviews and conflict checks. While the attorneys at Homeowner Relief Lawyers are licensed in Arizona, Nevada, and Utah, they are primarily located in the State of Nevada.
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