Good question?And if
you do not know (which basically no one outside of a small group of very skilled
professional does), do not expect your lender to know either.It is a very difficult and arduous process
simply getting the lender to take a good, fair look at your situation; however,
this is only half the battle.Once they
are looking, the numbers need to match up to the documentation and it all needs
to fit into the correct ratios.There is
a limited range of ratios that will qualify and only a handful or programs
available.The HAMP (Housing Affordable
Modification Program) is the most common however many people do not fit into
these guidelines.There is also alt-HAMP
(slightly different guidelines for people also struggling).For 2nd mortgages there is
2MP.There are also forbearance programs
for unemployed borrowers which offer 3-6 months of relief.Also, every lender has their own in-house
loan modification programs.
It is because of all the reasons above that it makes a lot
of sense to solicit the help of a reputable, honest and professional service to
help you.Remember, this is your home,
and very things are as important.
