Loan Modification

Hi diamondh!

Welcome to forums!

I don't think there's a certain amount of income which one should be making for qualifying for loan modification. In order to get a loan modification, you will have to prove it to the lender that you're capable of paying the dues once your loan is modified. If you cannot, then the lender would not agree to a loan modification.

Feel free to ask if you've further queries.

Sussane

Generally, there arent specific income requirements for loan modifications, its mostly dependant on the program you choose. Most banks have been doing loan mods through the Home Affordable Modification Program (HAMP) which aims to lower your debt to income ratio to 31%. However if your debt to income is too high, say around 55%, the bank may deny your modification. For more information you can visit our blog which has details on loan mods and specific programs.

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There is not a specific ratio, each case is different. If you would like a free screening and free consult with an attorney about this matter.

Thanks,

Frank Aaron
Processing Agent
PSG Attorneys

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