Example Hardship Scenarios

Are you experiencing a temporary hardship that is making it difficult for you to keep up on mortgage payment? Do you want to keep your home but lower your interest rate or monthly payments? Consider a loan modification.

Are you experiencing a financial hardship that is preventing you from continuing to pay your mortgage? Do you owe more than your property is worth? Are you facing a potential foreclosure situation? Do you want to get out of your mortgage? Consider a short sale.

Changes to your loan terms are typically granted due to changes in lifestyle, as the following examples demonstrate:

Example 1 – Illness or Death of Homeowner/Family Member

If an illness or death of a family member has resulted in extensive and costly treatment that is causing financial strain to stay up-to-date on your mortgage payments, credit cards and other monthly obligations, you may be a candidate for a loan modification.

Example 2 –Reduction in Income

If you have gone from being a dual income family to being a single income family, or if you have transitioned from working full-time to only working part-time, and are experiencing financial difficulties making your mortgage payments, you could be a candidate for a loan modification.

Example 3 – Divorce or Separation

If you are going through a divorce or a separation from your spouse, and unexpected fees are accruing that are making it difficult to pay your monthly bills on time, you could be a candidate for a loan modification to lower your monthly mortgage payment(s).

Example 4 – Job Loss

If you have lost your job and are already upside-down on your home and can no longer make your mortgage payment, you could be a candidate for a short sale. Although a short sale may adversely impact your credit history, the penalty is not nearly as much as a foreclosure or deed-in-lieu.

Example 5 –Interest Rate Increase in an ARM Loan

If you are not currently delinquent on your mortgage payments but are able to prove to the bank that you will no longer be able to afford your loan payment due to imminent interest rate increases, you may be a candidate for a loan modification.