Typically, a loan loan modification should be considered if changing one or more of the original terms of the loan would cure the present default and prevent default, thereby avoiding additional foreclosure expenses and the taking over of the home by the investor.
A may be considered for customers who:
1. Have experienced a hardship resulting in a reduction of income that hinders their ability to make monthly loan payments
2. Have demonstrated their ability to recover from the hardship and now have a source of stable income.
3. Want to retain ownership of their property
4. Really want to save their home
You may also want to consider a mortgage modification when a homeowner do not meet these requirements, but there is a rick of the investor taking ownership of the home and the homeowner wants to save the home.
