Do I Qualify For A Loan Modification?

by Jenner on May 11, 2011

We just added some more info about qualifying for a modification to our site.  Use this simple formula to help understand how your lender is going to evaluate your finances!

31% of your gross monthly income is the guiding ratio.  You qualify for financial hardship if you are spending more than 31% of your gross monthly income on your mortgage payment including homeowner insurance & HOA fee. In this situation you are considered by your lender to be in danger of default. Your lender will try to find a scenario that brings you to a 31% ratio.

via Do I Qualify For A Loan Modification?.

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