How do I qualify for a loan modification or short sale?

There are a few ways to be eligible for a loan modification. A common hardship occurs when a homeowner has an upcoming change to their mortgage payment due to a ‘recast’ or their loan converting into an adjustable rate. Another common hardship is due to their already high rate of interest that can no longer be maintained. Regardless of either situation, your income is still considered in determining the outcome of your loan modification.