Posted on: 11th Jul, 2009 06:59 pm
sent my packet back with 1st pmyt how long before i know something
Hi emmagr,
It will take some time for the lender to decide whether or not he would offer you a loan modification. He will judge your financial situation and decide whether or not you qualify for the modification.
It will take some time for the lender to decide whether or not he would offer you a loan modification. He will judge your financial situation and decide whether or not you qualify for the modification.
you can qualify for loan modification if:
The lender hasn't declared a foreclosure yet and even if he has done so, he should have removed the loan from the foreclosure status.
You're delinquent on the loan for 3 months or more.
The loan has been originated for more than 12 months.
You have stable surplus income to help you pay at the modified rate/terms.
The property is in good physical condition.
The lender hasn't declared a foreclosure yet and even if he has done so, he should have removed the loan from the foreclosure status.
You're delinquent on the loan for 3 months or more.
The loan has been originated for more than 12 months.
You have stable surplus income to help you pay at the modified rate/terms.
The property is in good physical condition.
emmagr05
Welcoem to the forum
Looks like from your question, when you say you sent the package, did the lender agree on a modification and sent you some papers or is it just the intial papers you sent requesting a modification?
Good luck and feel free to ask
Welcoem to the forum
Looks like from your question, when you say you sent the package, did the lender agree on a modification and sent you some papers or is it just the intial papers you sent requesting a modification?
Good luck and feel free to ask