is it better to be in the red or green when applying for a loan modification?
Jodi F asked:
I’m getting mixed messages from people claiming they know what they are talking about?
What is Loan Modification
I’m getting mixed messages from people claiming they know what they are talking about?
What is Loan Modification
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Comments
You need to be in the green. Basically you are qualifying for a loan again, you obviously need to be able to pay the mortgage otherwise they would rather just foreclose now and get it over with.
Of course you have to need in green because you are applying to modify your existing loan so you are qualify when you must in green it shows you are able to pay for the mortgage.
you can get the more information about loan modification from here :
in the green, silly. Even with a loan modification request, banks, financial institutions, lending institutions, credit institutions STILL want to know you are solid, financially. Many solid, financial people apply for loan modifications all the time.