Case Study #4
House Value: $325,000
Total Mortgage Balance: $400,000
Payment Status: 2 months behind
Total Mortgage Payment: $3,931 P.I.T.I.*
Loan Type: 2 year Fixed at 10.30%
Hardship: The client was a real estate agent who purchased her home in 2006. Her real estate business started drying up in 2007, and she had no real estate related income in 2008. She quickly depleted her savings and started getting behind on her mortgage payments. Although she had found part time clerical work, her income was not enough to cover her monthly payments.
Lender's Proposal: New 2 year ARM at 4.85%
New Payment: $2,609 P.I.T.I.*
Total Monthly Savings: $1,322
Time from submission to acceptance: 73 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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