What is “job loss/reduction of income”? Job loss/reduction of income is one of the five valid hardships that qualify you for a loan modification. Why is identifying a hardship a required part of a loan modification? Part of the loan modification proces …
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What is “Divorce/Separation”? Divorce/Separation is one of the five valid hardships that qualify you for a loan modification. Why is identifying a hardship a required part of a loan modification? Part of the loan modification process includes proving t …
read moreWhat is “Death of the Borrower”? Death of the Borrower is one of the five valid hardships that qualify you for a loan modification. Why is identifying a hardship a required part of a loan modification? Part of the loan modification process includes pro …
read moreWhen a borrower on a mortgage has passed away, there are a variety of situations, people and interests that have to be dealt with. The first thing to do is identify is who you are with relation to the mortgage and the borrower: You might be a co-borrow …
read moreWhat is “illness of the borrower”? Illness of the borrower (sometimes known as “medical expenses”) is one of the five valid hardships that qualify you for a loan modification. Why is identifying a hardship a required part of a loan modification? Part …
read moreWhat is an unforeseen expense? An unforeseen expense is one of the five valid hardships that qualify you for a loan modification. It is a bit of a catchall, or overflow category. You use it when your hardship doesn’t fit into one of the other four cate …
read moreWhat is the Washington State Homeowner Assistance Fund? The Washington State Homeowner Assistance Fund is part of the federal government’s American Rescue Plan Act of 2021. The portion of the Act that outlines the Homeowner Assistance Fund can be viewe …
read moreHow to Exit Your Cares Act Forbearance Plan If you were placed on a COVID Forbearance plan, you are probably at that point where you’re ready to transition off of your plan and resume regular payments. While your mortgage lender probably made it seem l …
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