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What Happens When You Modify Your Mortgage?

how do you modify a mortgage

by Leigh Thompson

Government loan modification programs lower your payment.


Loan modification programs vary. Some lenders use in-house loan modification programs; others use the federal Home Affordable Modification Program to help homeowners. Qualifying for the federal program means meeting specific criteria. HAMP requires the property be your primary residence. Your loan must have originated prior to January 2009. You may owe up to $729,750 on your primary residence and must provide proof that you are facing a financial hardship. You must be able to document your income to support your new loan modification payment.


You may experience a denial if your house is not your primary residence. You cannot be in a current bankruptcy proceeding. If you have already

received a notice of default for foreclosure, you may receive a denial on your loan modification application.



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