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Profile picture for user571907

how do i know what my chances of approval are? starting a divorce, and want to keep the home. worrie

i need a divorce decree to apply. but i may lose everything if i wait that long to find out if i can be approved. should i continue with the divorce, and take my chances, or can i find out if i may be approved?
  • February 22 2012 - Martinsburg
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Answers (4)

If your applying for a loan modification you will need to have income.

If your looking at a modification you need to be able to afford the net present value of the home.

This depends on the current value of the home.  You may have an easier time if the first loan is below $729,950 because you may fall into hamp criteria.  You need to know the net present value of your home to know if you will qualify. 

You will definitely need to have income, and a hardship letter to send to your servicer and know what your income is so you can know how much you can afford to pay.  
  • February 23 2012
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Profile picture for wetdawgs
As you posted in the refinance section, is it possible that you are expecting to be granted the house in the divorce but will have to refinance in order to keep the house?

  • February 23 2012
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Sure, you can always try and see if you will qualify.  I work with several good lenders that would be happy to see what they can do for you.  Feel free to contact me for their info and I'll be more than happy to help you find your next home whenever you are ready.  Thanks
  • February 23 2012
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Profile picture for shapiroamg
Is buying that important right now? Seems like you should get your D thing taken care of.
  • February 23 2012
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