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Asked by: Nasera Andrusov
business and finance bankruptcyWho qualifies for flex modification program?
Eligibility for a Flex Modification
the loan must be a conventional first mortgage. you must have a stable income that will support a monthly payment, and. you must have taken out your mortgage at least 12 months before being evaluated for a Flex Modification.
Herein, how does flex modification program work?
Flex Modification requires the mortgage servicer to reduce the homeowner's payments on the loan by adjusting the interest rate, adding overdue payments to the remaining loan balance, extending the term of the loan, or setting aside part of the remaining principal.
Similarly, how do you qualify for a home modification program?
How to Apply for a Loan Modification – 3 Simple Steps
- Collect Your Financial Information. You'll need to provide your current income and expenses.
- Collect Your Mortgage Information. Get a copy of your mortgage statement that has your loan number on it.
- CALL.
Following are housing counselors' tips for getting a mortgage loan modification:
- Complete the package. Homeowners need to submit paycheck stubs, a hardship letter, a budget and any other documents the loan servicer wants.
- Ask questions. Make sure you know exactly what to provide to servicers.
- Stay in touch.