How do I know if I qualify for a Loan Modification?

You may qualify for a Loan Modification if………

You are the owner occupant of a one to four unit home,

The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (Don’t know? See below),

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),

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,

You have income sufficient to support the new mortgage payments, and

The refinance improves the long term affordability or stability of your loan.

For more detailed information about loan modification requirements click here.

Market View for Tracy

Avg. Listing Price $302,839 Wk ending Mar 10
-$2,738 0.9% median Sales Price $234,000 Dec ’09 – Feb ’10
+$1,000 +0.4% y-o-y
$218,163
+21.6%
$302,719
+20.4%
$266,240
-19.5%
$207,923
-15.4%
$190,183
+8.5%

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One Response to “How do I know if I qualify for a Loan Modification?”

  1. JOHN on September 6, 2010 at 10:49 am


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