Mortgage Modification Loan Tuesday, August 16, 2011 Mortgage modification is more common in the light of the difficult economic situation. But how do you know if you qualify for the mortgage process of change. Optimism is scarce in a recession like this. Small and large businesses across the country are closing and workers lose their jobs. In the last twelve months, there were over 600,000 people are jobless. This means that households across the country are left with a massively reduced income and risk, therefore, losing their homes because they can not meet their monthly mortgage payments. easy forex trading and insurance There is a possibility in the form of loans mortgage modification, eligibility for which the FDIC issued a set of guidelines. But just because you meet the FDIC does not mean that your lender must offer you a mortgage modification. So before you approach your lender, consider the following steps: 1: Put it down! You must enter your gross income and then charges you, be sure to include everything. Multiply your total gross income by 38%. Given all the only source of income you have. Then subtract all the expenses of this figure. The number you get is the amount, as directed by the FDIC, you can pay each month in mortgage payments. 2: Evaluate other options To some mortgage lenders, the process of modifying the mortgage is actually more of a choice when others have been exhausted. Other options could include the sale of your home for less than the rest of the loan. It is a step to require approval from your lender. You can lose your deed in lieu of the mortgage, which, while not an ideal option will save your credit rating damage. 3: Contact your lender Once you have made yourself aware of the possible paths you can take the next step should be to contact the lender themselves and get them to talk about these viable options with you in greater detail.