01/01/2009 · If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process. Mortgage qualifications. In order for your loan to qualify for modification under HAMP, the following conditions must apply: You obtained your mortgage on or before January 1, ;· In fact, you're about twice as likely to qualify for a non-HAMP loan modification as you are to get one under the government-backed program. These private, or proprietary, loan modifications are done according to the lender's own rules, whereas HAMP sets …01/01/2009 · You are a good candidate for a Loan Modification if: You want to keep your home. You occupy the house as your primary residence. You obtained your mortgage on or before January 1, 2009. Your mortgage payment is more than 31% of your monthly gross (pre-tax) ;· To Qualify for a loan modification can be frustrating but wouldn’t it be helpful to know if you qualify right now? There is a simple rule of thumb that you can use. Compare your income to your new estimated monthly payment after a loan modification. This will let you know if the bank thinks you can afford the monthly ;· Apply for a modification as soon as possible. To qualify for a modification, you'll have to submit a complete " loss mitigation " application to your loan servicer. It's best to submit your application as soon as you know you'll have trouble making your payments or shortly after you fall for a Loan – Loan Modification Programs: How to – Loan Modification Programs: How to How to Get Approved for a Loan Modification | Nolo
