Posted on: 14th May, 2009 05:04 pm
how is a loan modification calculated and how long does it take
Hi chrisschoedel,
"how is a loan modification calculated"
Do you mean you want to know how lenders find whether you qualify for a modification? Well, different lenders have different criteria based on which they decide if you qualify for modification. They will consider your DTI ratio i.e. how much of your income you are spending on your current mortgage payments, your current financial hardship due to which you are not being able to make timely payments etc. They will also make sure whether you will be able to make the payments on time under the modified plan before they appove your modification plan. The time taken to approve a modification plan varies from one lender to another. Have you talked with the loss mitigationdepartment about it?
"how is a loan modification calculated"
Do you mean you want to know how lenders find whether you qualify for a modification? Well, different lenders have different criteria based on which they decide if you qualify for modification. They will consider your DTI ratio i.e. how much of your income you are spending on your current mortgage payments, your current financial hardship due to which you are not being able to make timely payments etc. They will also make sure whether you will be able to make the payments on time under the modified plan before they appove your modification plan. The time taken to approve a modification plan varies from one lender to another. Have you talked with the loss mitigationdepartment about it?