You Want To Qualify For A Loan Modification: How Will You Know If You Qualify?
To Qualify for a loan modification can be frustrating but wouldn’t it be helpful to know if you qualify right now? There is a simple rule of thumb that you can use. Compare your income to your new estimated monthly payment after a loan modification. This will let you know if the bank thinks you can afford the monthly payments.
How Do You Know If You Can Afford The Monthly Payments?
To know whether or not you can afford the monthly payments, you must pass an income test. You must have the correct ratio of income to mortgage payments.
If you cannot pass the income test, and cannot afford the monthly payments, the only thing you can do to fix this is by adjusting your income.
How Can I Increase My Income To Qualify For A Loan Modification?
- Look for a second job to supplement your income.
- Rent out a room in your house.
- Encourage your kids to contribute to the household.
For More Information About Loan Modifications, See My Complete Article: