Financial Hardships to Qualify for Loan Modification

There are a few scenarios that the lenders will look at.

1. A  loss of income due to:

        a. loss of job or substantially cut hours that can be documented

        b. loss of tenant

        c. major medical to wage earner or dependent

1. Adjustable rate mortgage adjusting to a rate and payment that will cause you extreme difficulty in making your payment and due to credit score you can’t refinance

2. Value of property has dropped below the amount owed and although you’re in a fixed rate mortgage you can’t refinance into a more affordable payment you would, other than for the value, qualify for

There are also Truth In Lending issues that on occasion can force a lender to modify a loan.