When trying to obtain a home loan modification, one thing most people want to know up-front is, “Do I qualify for a home loan modification?”
Underwriters evaluate the ratio between your income and your mortgage payments first.
Next, the underwriters look at your monthly expenses and compare these next to your mortgage payments. They subtract your mortgage payments and expenses from your income; this value cannot be in the negative in order for you to qualify.
If your debt to income ratio is OK and your expenses are not too high, you should qualify for a home loan modification which will save your home from foreclosure.
Will I Qualify For A Loan Modification If I’m Self-Employed?
If you’re self-employed, there are certain considerations that the bank makes in evaluating your loan modification application. You must organize your finances in such a way that the bank approves of. If you are self employed and trying to get a loan modification to save your home, read our post: Will I Qualify For A Modification If I am Self-Employed?
How Do I Get A Home Loan Modification?
To get a loan modification you must find out what forms your bank requires and send them in exactly the way that they specify. If you want to find out how to get a loan modification, read our post: How To Get A Loan Modification.