| Mortgage Modification - 3 Easy Steps to Know If You Qualify for a Mortgage Modification |
There are many changes in today’s financial world that leaves a big gap of uncertainty concerning you and your home. There are easy steps to know if you qualify for a mortgage modification to prevent you from losing your home.
In today’s troubled economy, it tough to rest assured everything will fall into place as needed. Companies across America are closing stores and laying off people by the hundreds, sometimes even by the thousands. Within the past year, since the onset of the economic downturn over 600,000 people are out of work. Many families are going from dual income households to a single income. With this changing economy and changes in personal finances many individuals are either in jeopardy of losing their home to foreclosure or are faced with desperate choices.
The FDIC has a set of guidelines that helps determine if a home loan borrower should qualify for a mortgage modification. Just because you may qualify according to the FDIC guidelines, does not mean your mortgage lender has to modify your loan. Ways to decide if you want to approach your lender for a mortgage modification:
1. Calculate
This is a self evaluation of income and expenses. Calculate all gross income and multiply it by 38%. Make sure to calculate all forms of income, both large and small. Then begin to evaluate all housing expenses including property tax, all applicable housing insurance such as hazard and flood insurance, and any home owner’s association expenses.
Subtract your housing expenses calculation from your adjusted monthly gross income. The number derived is what the FDIC estimates this number is what you can afford to maintain your mortgage.
2. Weigh Other Options
Many mortgage lenders want to keep loan modification as an alternative over other possible options. Some other options may include selling your house for less than the value of the loan, with approval from your lender. Other options may also include forfeiting your deed in lieu of the mortgage. This option may not be a first option, but can help save your credit for future endeavors.
3. Contact Resolutions Department
Now that you have begun to weigh different options you should call your lenders resolution department to begin looking at different viable options.
For essential tips on how to qualify for a mortgage modification loan - Visit my simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net
Article Source: UnArchived Articles
|
|
|
|
