Case Study #2
House Value: $725,000
Total Mortgage Balance: $535,000
Payment Status: 15 months behind
Current Total Mortgage Payment: $5,147 interest-only, no property taxes
Loan Type: 2-year fixed at 11.25%
Other: 18 months delinquent on property taxes
Hardship: The client works in the mortgage industry and experienced a dramatic drop in income over the past two years since he purchased the property. The client had already defaulted on two previous loan modification agreements made with his lender and was unable to successfully modify the loan for a third time. He came to us 18 days prior to the sale of his home.
Lender's Proposal: 2 year ARM at 4.875%
New Payment: $3,750 including $550 in property taxes
Total Monthly Savings: $1,947
Time from submission to acceptance: 12 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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