Mortgage Modification Eligibility Requirements
March 4th, 2009
I tried accessing the U.S. Dept of Housing and Urban Development to directly reference the eligibility requirements but it is not responding reliably. Because of this I’ll initially refer to the Reuters’ article wherein they report the requirements for eligibility.
Requirements for President Obama’s mortgage modification plan include:
- Must demonstrate a lack of ability to pay current mortgage. Borrower’s retirement accounts will NOT be factored into ability to pay metrics.
- Must demonstrate a drop in income or increase in payment. Every borrower seeking modification will be screened.
- Borrowers seeking a modification do NOT need to be delinquent in order to qualify.
