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Disabled, get modification

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.

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:46 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:46 | Post subject:

skyden.dredge's picture
skyden.dredge | Joined: July 22, 2011 01:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:46 | Post subject:

scot.davis's picture
scot.davis | Joined: December 6, 2012 04:57 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You have to however provide proofs of your disability. Documents related to your finances will also be required.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:46 | Post subject:

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