Disabled, get modification

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Rick22

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Post Posted: Tue Dec 25, 2012 10:46 pm    Post subject: Disabled, get modification
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I am completely disabled and make 40% less income. I have spoken to my lender about this and they have been really helpful and told me that I can qualify for a loan modification and sent out an application. What I don't understand is how they figure for my case how much the monthly payments would decrease. My mortgage with taxes is $520 and the monthly HOA is $153 but I pay it separate, is not included in the mortgage payment.
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Icon Mini Profile sara
sara
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Post Posted: Tue Dec 25, 2012 11:53 pm    Post subject:
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Hi Rick,

The lender will ask you to provide him with all the required financial documents which will help him judge your financial situation. Depending upon that the lender will provide you with a payment plan under loan modification which will suit your purpose.

Take care

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Icon Mini Profile smithsussane
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Post Posted: Wed Dec 26, 2012 8:02 pm    Post subject:
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Hi Rick!

Welcome to forums!

I agree with what Sara has said. The lender will give you a payment plan after loan modification depending upon your financial situation. You can directly have a word with your lender so that you get to know what your payment plan will be like.

Feel free to ask if you've further queries.

Sussane
Icon Mini Profile skydendredge

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Post Posted: Wed Dec 26, 2012 11:02 pm    Post subject:
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Different types of loan modification programs are available for the disabled people. These include permanent rate reduction, permanent payment reduction, turning ARM to FRM, break from payments etc. The program that you will get will depend upon your financial situation.
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Post Posted: Wed Dec 26, 2012 11:04 pm    Post subject:
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You have to however provide proofs of your disability. Documents related to your finances will also be required.
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