Case Study #3
House Value: $333,000
Total Mortgage Balance: $300,000
Payment Status: 4 months behind
Current Total Mortgage Payment: $3,850 P.I.T.I.*
Loan Type: 30 year fixed at 7.00%
Hardship: The clients purchased land to build a home on. During the building process, the costs of labor, materials and unexpected expenses drove the price up by almost 20%. As a result, the clients could not afford to complete the house, but have been living in it due to lack of funds. The clients also took three months of medical leave and have been struggling to make ends meet since then.
Lender's Proposal: 5 year ARM at 5.875%
New Payment: $2,121 P.I.T.I.*
Total Monthly Savings: $1,729
Time from submission to acceptance: 66 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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