Qualifications Required For a Mortgage Modification Loan

SOURCE: Mortgage News Feed

The process of mortgage modification loan is a complex one. There are a number of banks which make the process seem as though if it is very simple or the total opposite. But you should know that though the process is a bit tedious, it can be easily done with the right amount of research. There are a few tips which you need to remember for the qualification criteria. The first and foremost criteria for being applicable for mortgage modification loan is that the loan must be on the primary residence. The house where you always live should be the one with the mortgage on it. In some cases, home loan modification is refused to people when they have another house in the wings. The second aspect of home loan modification is to provide honest and complete information to the bank. There are a lot of verification methods of the bank which they use to sniff even a single tiny discrepancy in the facts and reality. So it is always to lay all your cards out on the table before the banks find out that you had been bluffing. In the case that you get caught, the application for mortgage modification is refused out rightly. Read Full Article Here >>


About The Author

Each week we post articles on FHA/VA Government news topics, ranging from FHA Direct Endorsement Underwriters, to current FHA underwriting guidelines, to new FHA rules/regulations, FHA compliance, FHA lending requirements and much more! PLEASE NOTE: We are NOT owned, operated or affiliated with HUD, FHA or the Federal Government in any way.


Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.