Here are some of the main items likely to interfere with a loan modification request:
- Sole hardship being too much debt
- Having lots of assets including 401k's & IRA's
- Low debt to income ratio - too much income vs. debt
- Ownership of multiple properties
- Sole hardship being mortgage more than property is worth
- More money being deposited than what is claimed as income
- Having had a modification within the past year
- History of missed payment not related to current situation
- Having the current loan for less than 1 year
Note: you must show the ability to meet your obligations after the modification is approved. If you are not working and not seeking employment it is unlikely a modification will be approved.
Contact me for more @ www.GregZaccagni.com & www.MortgageAdvisor.info
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