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Find a loan modification firm, counselor, or law firm.
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Am I eligible for a Home Affordable
Loan Modification?
Answer
these questions:
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage
equal to or less than $729,750?
3. Are you having trouble paying your mortgage?
For example, have you had a significant increase in
your mortgage payment OR reduction in your income
since you got your current loan OR have you suffered
a hardship that has increased your expenses (like
medical bills)?
4. Did you get your current mortgage before January 1, 2009?
Yes No
5. Is your payment on your first mortgage (including
principal, interest, taxes, insurance and homeowner's
association dues, if applicable) more than 31% of your
current gross income?
To qualify, you will generally need to show that you have
adequate income to make the reduced payments on an ongoing
basis and that modification is an appropriate option given
the characteristics of your mortgage and the value of your
home. |
