Special Loan Modifications For Disabled On Fixed Income?

by Roy
(Albuquerque, N. M. 87112)

Are There special loan modifications for Disabled Seniors on fixed income for a home like this in Albequerque, New Mexico?

Are there special loan modification programs for Seniors on fixed income? Anything for the disabled?

I do not qualify for a loan modification from my mortgage holder and do not have a Freddie Mac or Fannie Mae backed mortgage.

Please advise

Mortgage Loan Modification Answer:

by Loan Modification Expert - Dan North

I have not come across special loan modification programs for Seniors or the disabled but there are programs that can help with loan modifications, refinancing and home loans if you are eligible for their programs.

The Veterans Administration has Home Loan programs if a veteran and VA-guaranteed loans and Interest Rate Reduction Refinancing Loan

NACA can help with Loan Modifications and Home Loans

This may help depending on your circumstances. The primary factor being that there is a financial hardship. If not, a loan modification is not a real option.

Lenders will only do Hardship Loan Modifications and will do them even if you do not qualify for the Making Home Affordable Modification Program but it does require a financial hardship.

Reverse Mortgage May Be An Option
If You Do Not Qualify For
Loan Modification

You may have an option to consider, if you have equity built up in your home, with a reverse mortgage. Here is a good booklet on Reverse Mortgages Pro's and Con's. Here are HUD's Top 10 Things To Know About A Reverse Mortgage.

I hope that gives some help. I can not tell from the information given if you really are not eligible for a HAMP modification as lenders often say you are not when you are. So Keep that in mind when you go over your options.