How do I know if I qualify for a Loan Modification?
Friday, March 26, 2010
You may qualify for a Loan Modification if………
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You are the owner occupant of a one to four unit home,
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The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (Don’t know? See below),
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At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
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You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
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You have income sufficient to support the new mortgage payments, and
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The refinance improves the long term affordability or stability of your loan.
For more detailed information about loan modification requirements click here.
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