Loan Modifications

For many homeowners who would like to stay in their home, a loan modification is great thing to explore. The thing to remember is that the lenders do not want to take your home back through foreclosure. However, they will do so if left with no other option. In doing a loan modification, you will be required to prove that you can afford the home after the modification. The last thing the lender wants to do is to modify your loan only to have you fall behind on the payments once again. Some of the documents which may be required by your lender are: 

  • Most Recent Bank Statements
  • Paycheck stubs
  • 2 years tax returns
  • Hardship letter

Typically what will happen is that the lender will take a look at all the documents and figure out how much income you have per month. They will then look at all your expenses including the proposed modified loan payment and want to see that it is less than 50% of your income. This percentage caries for lender to lender, but this is an approximation.


Total Monthly income-                          $4000


Proposed Mortgage Payment       $1,200
Car                                           $200
Groceries                                  $125
Credit Cards:                             $375
Total:                                       $1,900 

$1900/$4000= 47.5%- You should qualify! To get started on this option click here

 If you do not qualify for this, we have other options as well for you, click here to find out what they are.



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