Case Study #6
House Value: $420,000
Total Mortgage Balance: $316,000
Payment Status: 2 months behind
Current Total Mortgage Payment: $2,685 P.I.T.I.*
Loan Type: 30 year fixed at 8.5%
Hardship: The client has been living in his house for 19 years. He owns a small importing business, but the poor economy and the increasing costs for materials and shipping greatly reduced his income. After a major surgery and a divorce, the client was unable to continue making his payments in full.
Lender's Proposal: Lower rate to 1.75% for 5 years
New Payment: $950 P.I.T.I.*
Total Monthly Savings: $1,735
Time from submission to acceptance: 67 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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