How can I qualify for a Loan Modification?


84-1If you have taken loan from a bank or vender to build your dream home, then you might have been repaying the amount for a long time. There are many ways through which you can lower the amount which you pay for your mortgage. But, not all the mortgages can be lowered. There are certain conditions that you need to satisfy to qualify for loan modification.

Personal qualifications

The first thing to qualify for loan modification the personal and financial background you have. You need to be able to verify some source to the banker through which you can show that you can make the payments in time. The proofs and sources that you show them must be legal and must be verified by the banker. Only then you will be eligible for load modification. After that, loan modification options at can help you getting your loan modified.

Mortgage qualifications

In addition to you personal and financial qualifications that you need to satisfy. You must have to owe less than $729,750 on the single unit rental property, $934,200 on 2-unit rental property. You must have necessary documented proof of your income to satisfy your modified payment. 84-2The most important qualification is that you must not have any criminal cases on you. Meaning, you should not have been convicted in the last 10 years on any theft, tax evasion or fraud charges. If you have faced any of the above convictions, then you are not eligible for applying for a load modification restoration at

Consult for any queries related to load modification tips and load modification consulting. At you can also know the additional qualifications you must have to be able to apply for load modification.