Upside Down Mortgage

Mortgage Modification Who Qualifies

Question: What would be the things that could keep you from getting a loan modification?

I have heard a lot about this loan modification and have been receiving not so clear answers to my question. I presently have a tax lien on my home, 2 months behind in my mortgage, make the same salary as when I bought the home 2 years ago. Do I qualify?

Answer: Mostly people prevent themselves. If the modification will not prevent foreclosure it is not happening.

There is the other problem of your income not changing, you obviously planned to default, otherwise you need to provide documentation on why you defaulted, massive medical bills are a common reason.

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!