High Chance Loan Modification Situations
Not all loan modifications are possible. However, there are certain instances for which, if well executed, there is a high chance of the bank approving a very favorable loan modification.
Here is the list of situations with the highest chance of the loan being modified by lenders. If the client is in any of these situations, most likely we can help very well. Banks tend to favor these situations. There is a good track record of success in succeeding with this loan modification situations. Any homeowner, with steady income, and any of these situations should consider a loan modification.
- Any delinquent loan, unless it has been previously modified within the past twelve months.
- Any adjustable rate mortgage loan (ARM) that has adjusted, or will be adjusting, within the six months. This can be submitted before the loan adjusts, and does not necessarily need to be in default.
- High interest rate ARMs with certain lenders within six months of adjusting, or after adjusting.
- Fixed, high interest rate loan with a subprime lender.
- Most adjustable rate loan situations are worthwhile exploring.
- Situations with good hardship letters.
- Situations with steady income, not much additional debt, but trouble keeping up with the mortgage.
