Are you no longer afford to make your monthly loan payments? You may be qualified for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

First, contact your mortgage provider whether you wil be qualified for. You will need to show that you have adequate income to make a reduced payments on an ongoing basis and that modification is an appropriate option given the characteristics of your mortgage and the value of your home.

Under the Home Affordable Modification program, the target maximum amount for your mortgage payment (or mortgage debt-to-income) should be 31% of your gross (pre-tax) monthly income. In your monthly payment should include principal, interest, insurance, tax, and home owners due, if applicable. Your total gross income of all the borrowers who signed your mortgage before any taxes or other deductions are made.

You may go to http://www.hud.gov for more info.

If you need  help, contact Susie Kang at 512.695.1481 or email at Susie@JoaRealty.com