A lot of times, banks and mortgage lenders make it seem like getting approved for a home loan modification is either extremely easy, or very complicated. You should know though, that besides the typical information that is needed, such as, your financial information, and confirming your identity, the process of getting a home loan modification is pretty easy.

How you can Qualify for a Home Loan Modification:

1)The home must be your primary residence.
You will not be approved, or even considered, for approval on a home loan modification for a second, vacation, or investment home. Mortgage modifications programs were designed only for homeowners looking to adjust the home loan of their primary residence. Typically, owning any other home will also prevent you from getting your home loan modified.

2)Give Complete and Accurate Information to your Bank or Mortgage Lender
Always tell the complete truth when dealing with a bank or mortgage lender. Give budgets and finances which you can actually follow through on. This is very important because this information will be used to create the home loan modification. Attempting to hurt, cheat, or play the system in anyway will eventually catch up to you. Do not do it.

3)Have an expectation of paying 31% or so of your gross monthly income.
New national guidelines for mortgage modification call for a monthly home loan payment which does not exceed 31% of a homeowner monthly income. While this sounds like a lot, many homeowners pay more than this every single month.

Banks and mortgage lenders receive cash grants to minimize their risks when they approve homeowners for a home loan modification. This way, they can approve more people and save homes from being foreclosed on, and mortgages from being defaulted on. Homeowners should take advantage of mortgage modification and contact their lender or bank today.

-M Petrone

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