For my Wiki Assignment in my CIT 198 class I searched for a topic that was closest to my blog topic. Since my blog topic was about everything related to law which an emphasis in Nevada law I settled on the following wiki page to review, “Loan Modification Wiki”:
This is not a long site but it definitely gives you a no frills guide to the homeowner who is considering a loan modification when they are having financial difficulties making payments. The first step as mentioned in this wiki article is to contact the lender to see what the guidelines are to getting approved for a loan modification. And, as the article mentions, there are certain requirements that must be met before a loan modification can be approved. This wiki highlights he most important requirement that must be met before a loan modification is approved: financial hardship.
The type or extent of financial hardship that must be demonstrated depends in the lender. One lender may set the floor as a certain percentage of your household income. For example, Lender A might require that the payments for your mortgage exceed 50% of your household income. Other lenders may require that you demonstrate a change in financial condition such as loss of a job, illness or divorce.
