How To Qualify for Loan Modification
If your mortgage payments are current check the Affordable Refinancing page
If you missed one or more payments you may be eligible for Loan Modification. Read on...
These are the basic criteria needed to qualify for loan modification :
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Your home must be your primary residence -
The maximum first mortgage you owe on the property must $729,750 or less. -
You no longer can afford to make your mortgage payments and can prove hardship -
Your current mortgage on your home was taken before January 1, 2009 -
Your combined ( principle, interest, insurance, tax, association dues ) mortgage payment is more than 31% of your current gross income
Note that your Lender or Loan Servicer has the last word, and must agree that you do actually qualify , by proving your hardship case, and proving that you have enough income to make your loan payments on your modified loan
If you do not. Find your Loan Servicer here
Here is the Proof of Income Checklist of lender requirements, which you can download.
The Loan Modification process could be confusing and frustrating ,
talk to a HUD Approved Foreclosure Avoidance Counselor.
The following are HUD Approved Counselors for the Coachella Valley.
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