Form Modification Loan With No Credit
Description
How to fill out HAMP Loan Modification Package?
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FAQ
Your lender may either approve or deny your appeal. Lenders typically review a borrower's financial situation by relying on a snapshot in time. You are usually denied when you fail to demonstrate that you were having financial hardships and that you have recovered from them.
Often, a homeowner won't get approved for a loan modification unless there is evidence of one or several missed payments. Those missed payments hurt your credit score.
In many instances, the eligibility criteria for loan modification programs allow homeowners with low credit scores to participate. For example, the FHA Refinancing for Underwater Homes requires only a FICO score of 500. (FICO scores range from 300 to 850, with anything from 300 to 640 considered bad credit.)
-The borrower's income was not sufficient to support the modified payment amount. -The borrower had already missed too many payments before applying for the modification. -The property value had declined, making it worth less than the outstanding loan balance.