Question: If you get a mortgage modification and then you find a job and you income goes up, what happens to the modification does it go up or does it stay the same. Do you notify the lender that you found a job or what?

Answers

Posted By: loanmodpro on Jan 22, 2010 11:19AM

A: A loan modification is an adjustment to your payment and will be fixedfor a pre-determined period of time. Your payments will stay the same even if you start making more income, just as your fixed rate mortgage payment would stay the same if you started making more money. You are under no obligation to tell your lender you are now making more money. In fact, they are not assuming to hear back from you unless there is more problems with paying the payments.