If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.
Am I eligible for a Home Affordable Modification? Answer these questions:
1.
2.
Is the amount you owe on your first mortgage equal to or less than $729,750?
3.
Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4.
Did you get your current mortgage before January 1, 2009?
5.
Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income? Note: if you are uncertain, click here to determine
By clicking on “SUBMIT” below, your answers will be analyzed, and you will be directed to Next Steps for the Home Affordable Modification or to other options for additional help.
This site can help you determine if you are eligible, but only the servicer of your loan can tell you if you qualify. To qualify, you will generally need to show that you have adequate income to make the reduced payments on an ongoing basis and that modification is an appropriate option given the characteristics of your mortgage and the value of your home.
This Payment Reduction Estimator will determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify.
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