You may be someone that is now in need of a loan modification. This is not that uncommon, during these very difficult economic times. However, the unfortunate part about these programs is that not everyone is approved. There are some pre-requisites that you need to meet, in order for your loan modification to be accepted.
Are still currently employed? Or have you been able to get another job? You have to be working to be approved, to show that you can still make some sort of payment. If you are receiving unemployment this works as well. But there has to be some type of income flow for your loan to be negotiated.
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Is your situation temporary or permanent? If you have had a temporary set back and are getting back on track, then this still makes you a very viable customer and the banks are willing to work with you. If your situation is more permanent, will you be able to get back on your feet again, after a period of time? To qualify you have to show that you are working towards a resolve of the current situation and that you have solutions for making payments.
Do you fall into one of their categories? Have you gone through a divorce, separation, job loss of one or both incomes, illness, injury, or has a death occurred? These are all acceptable explanations for needing to do a loan modification, however there needs to be a situation of this nature that has occurred. Simply falling behind because of over spending will not work. You need to be able to show proof of these occurrences taking place.
Are you upside down on your mortgage? Owing more than your home is worth in this situation is to your benefit. Your payment is now exceeding your home value.
Making sure that you have these qualifications before starting the process, will make your entire experience go much smoother. Loan modifications are tricky and everyone's situation is different. The more qualified you are the better chance you have at approval.
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