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Legal Q&A: Is a loan modification the best option?


Legal Q&A: Is a loan modification the best option?

February 16, 2015
Christine Seow
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I have lived in my home for 20 years. I just lost my job and my husband’s hours have been significantly reduced at work. We still owe $650,750 on the mortgage but had to stop making payments because the mortgage was too high. Would a loan modification be a good option for me to avoid foreclosure?

A:  It depends on your debt to income ratio. Your monthly mortgage payment and other homeowner association/condo fees must be greater than 31% of your monthly gross income. You must also meet the other requirements listed at www.makinghomeaffordable.gov.

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