What qualifies as a “financial hardship” for mortgage loan modification?

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What if my loan is about to adjust and make my payments too high? Is that a financial hardship?

I have great credit, a job, perfect payment history on the loan. However, it’s about to adjust and I cannot refi because the value has dropped.

  1. Reply
    April 30, 2011 at 12:43 am

    Job loss, death, illness preventing you from working (cancer)

  2. Reply
    April 30, 2011 at 12:56 am

    Do you have any income left at the end of the month after paying your bills and living expenses? If the answer is NO then you might have a financial hardship. If you don’t have enough to pay your bills and living expenses then you probably do have a financial hardship.

  3. Reply
    April 30, 2011 at 1:51 am

    A job loss for temporary hardship, death of one of the bread winners or life threatening illness, (longer then the normal 8 weeks you can get temp disability for), or major catastrophe, like the house burnt down.

    Whatever your hardship is you had better be ready to provide proof.

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