How to Qualify for a Loan Modification

A loan modification is considered by the lender when the original home mortgage has terms that make it unlikely for the homeowner to continue making payments, making foreclosure a likely possibility. Here are the requirements you must meet in order for your lender to consider a for a loan modification on your behalf:

• It is required that you currently have employment or another source of a stable, predictable and provable  monthly income.
• Your monthly mortgage must be affected by a verifiable reduction in income.
• The home you are trying to modify the mortgage for must be your primary residence.
• Every bank is different, and there are some other qualifiers that your lender may require.