Loan modification requirements
Loan modifications might sound complicated or even seem intimidating, but they are really not that bad. In the end it all comes down to helping you, the homeowner be in a position to keep making your monthly mortgage payments.
There are really only a few requirements for loan modifications that are set it stone.
The first is proof of a recent economic hardship. This can be anything that is keeping you economically from paying your monthly mortgage payments. They don’t just hand out these loan modifications to anyone who wants to pay less to their mortgage for a short period of time. However if you have recently gotten laid off of work or something else has happened, you should be fine here.
The second is pretty self explanatory: Income/cash flow. You might not be able to make your full mortgage payments for now, but you’ll need to be able to show the mortgage lenders that you will be able to make the reduced payments. They might be nice people, but they are running a company and need to be paid every month.
The third is that you need to have an intense desire to keep the house and you need to be honest with your lender.