Case Study #1
House Value: $329,000
Total Mortgage Balance: $294,000
Payment Status: 2 months behind
Current Total Mortgage Payment: $3,150 P.I.T.I.*
Loan Type: 30 year fixed at 11.25%
Hardship: The client separated with partner who was helping to pay the mortgage, but whose name was not on the loan. The partner continued helping with the payments for a few months after the separation, but then stopped making contributions entirely. Our client was left unable to afford the full mortgage payment amount.
Lender's Proposal: 2 year ARM at 5.625%
New Payment: $2,068 P.I.T.I.*
Total Monthly Savings: $1,082
Time from submission to acceptance: 58 days
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Who doesn't Qualify?
While there is no list of what causes a dis-qualification, it's safe to say that if you are current on your mortgage, have money in the bank, have enough income to cover all your bills, and have a reasonable rate and terms on your loan, it's unlikely you will convince the lender to modify your loan.
However, you may qualify for a short sale if you are interested in selling but you don't have the cash to make up the difference between what you owe and what you can sell for.
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