Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

Loan Modification

Author Message
Icon Mini Profile diamondh76





Joined: 29 Oct 2009

Posts: 2

1.46 Dollars($)
Post Posted: Thu Oct 29, 2009 12:56 pm    Post subject: Loan Modification
Like 0
Dislike 0

Hello I am wondering if there is certain amount of income one is making in order to qualify for a loan modification
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10038
Location: Alaska
920.62 Dollars($)
Post Posted: Thu Oct 29, 2009 8:15 pm    Post subject:
Like 0
Dislike 0

Hi diamondh!

Welcome to forums!

I don't think there's a certain amount of income which one should be making for qualifying for loan modification. In order to get a loan modification, you will have to prove it to the lender that you're capable of paying the dues once your loan is modified. If you cannot, then the lender would not agree to a loan modification.

Feel free to ask if you've further queries.

Sussane
Icon Mini Profile christinehynes





Joined: 05 Sep 2009

Posts: 72
Location: Orange County, California
12.58 Dollars($)
Post Posted: Wed Nov 04, 2009 2:45 pm    Post subject:
Like 0
Dislike 0

Generally, there arent specific income requirements for loan modifications, its mostly dependant on the program you choose. Most banks have been doing loan mods through the Home Affordable Modification Program (HAMP) which aims to lower your debt to income ratio to 31%. However if your debt to income is too high, say around 55%, the bank may deny your modification. For more information you can visit our blog which has details on loan mods and specific programs.

[Link deleted as per forum rules. Thanks.]

_________________
Loan Modification Specialists
Our Attorneys Offer Loan Modifications in Most States
www.CallALMS.com
877-700-2567
Icon Mini Profile getconrolofyourbills





Joined: 04 Nov 2009

Posts: 7
Location: USA
2.56 Dollars($)
Post Posted: Fri Nov 06, 2009 11:04 am    Post subject:
Like 0
Dislike 0

There is not a specific ratio, each case is different. If you would like a free screening and free consult with an attorney about this matter.

Thanks,

Frank Aaron
Processing Agent
PSG Attorneys

[Promotional text deleted as per forum rules. Thanks.]
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.073 seconds.