Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can anyone qualify for a loan modification?

April 26, 2017loan modification qualify

0

Posted

Can anyone qualify for a loan modification?

1 Answer

0

Posted

Generally any one can qualify for a loan modification but lenders usually require a borrower to be late on the mortgage payments and be in a financial hardship position. Medical issues, job interruption or income reduction seem to be the best factors in getting approved for a loan modification. Simply wanting a lower rate because an adjustable rate loan coming due is not a valid reason to be approved for a loan modification. You must have a reason for a lender to re-do the note.