Zillow Advice: Mortgage - loan modification what is specifics to achieve http://www.zillow.com/advice-thread/loan-modification-what-is-specifics-to-achieve/255534/ Zillow Advice | Zillow Real Estate The basic qualifications ... http://www.zillow.com/advice-thread/loan-modification-what-is-specifics-to-achieve/255534/ The basic qualifications based on HAMP guidelines (Homeowner Affordability Modification Program are located here: <a rel="nofollow" href="http://www.makinghomesaffordable.gov/modification_eligibility.html" title=" (Full address: http://www.makinghomesaffordable.gov/modification_eligibility.html)">http://www.makinghomesaff ... lity.html</a> .However, these are government "suggested guidelines" and no bank is required to adhere to them.&nbsp; If they participate in the program there are financial incentives for every phase including taking your application, doing your temporary modification, your completion, 1 year anniversary, etc.&nbsp; Most lenders can be coxed into qualifying you at the 31% Gross Income requirement which will in all probability lower your payment.&nbsp; But there are many things to watch out for. <br/><br/><br/>Here are the basics.&nbsp; Every homeonwners case is unique: Mon, 28 Sep 2009 08:17:00 GMT http://www.zillow.com/advice-thread/loan-modification-what-is-specifics-to-achieve/255534/ 2009-09-28T08:17:00Z