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Criteria required for mortgage modification loan

The recession has caused huge number of home owners struggle to pay their monthly payments and also face the foreclosure. This problem can be overcome by making use of the loan modification process. Most of the people think that this process is a bit tedious one and time consuming. But it is not so as it can be done in an easier way under guidance.

Now, let us see the criteria’s that are required to avail the home loan modification.

The first and the most important criteria is that the house where you are living should be the one on which you should take the mortgage loan.  The loan will be rejected if the loan is taken for a house which is given for rental or lease. The second criterion is that the loan modification will get applied only to loans where the monthly payment is higher than the 31% of monthly income.

The third is the unpaid principle of the loan should be less than $ 7, 29,750 and the date of the loan origination should be before Jan 1, 2009. The fourth criterion is that the today’s value of the mortgaged property is less than the mortgaged amount.

Mortgage modification loan is not a loan by itself but it is just a modification to your existing mortgage loan. Visit out website Mortgage-modification-loan.org to know more about mortgage and criteria required to obtain it.

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