Qualifying for Mortgage Modification
During times of financial crisis, homeowners often find that they are unable to keep up with their monthly mortgage payments, which can put them at serious risk of losing their home to foreclosure. For some individuals, reorganizing debts and setting up a payment plan through bankruptcy may be a good option for preventing foreclosure, while others may instead turn to mortgage modification.
In recent years, lawmakers have worked hard to help homeowners prevent foreclosure and keep their homes. Banks have been given incentives to work with struggling homeowners and help them modify the terms of their mortgage, but people still often have to prove that they truly deserve assistance. For help with your mortgage modification claim, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608.
Common Criteria for Mortgage Modification
In order to qualify for mortgage modification, homeowners typically need to show:
- That they obtained their mortgage note prior to January 1, 2009
- Their primary mortgage is less than $729,500
- Proof of their primary income through complete tax return and pay-stub paperwork
- Proof that they currently reside at the property
- A written and signed hardship statement
- If the total debt owed by the individual is more than 55% of his or her total income, the homeowner may be required to complete financial counseling.
An experienced attorney may be able to help you with your mortgage modification claim and can usually help you through the negotiation process.
Contact Us
If you are struggling to make regular payments on your mortgage loan and are afraid of losing your home to foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today.