As of last month, the government was spending about $3.2 billion on mortgage modification programs, according to the Bureau of Consumer Financial Protection.
That’s up from $2.3 billion in 2018, but still well below the $5.5 billion it spent on the program during the Great Recession.
But, of course, the mortgage modification process is still a relatively new concept.
As it stands now, borrowers must meet a strict set of requirements to qualify for the program, and the process can take as long as 10 years, according the BCP.
Here are the most important things you need know about mortgage modification: What are mortgage modifications?
The process is designed to help borrowers make mortgage payments without having to make monthly payments on their homes.
It also allows borrowers to move from an existing mortgage to a modified one.
What are the eligibility requirements?
The most important requirements to meet to qualify are that you live in the US and that you have a high-quality credit score.
For example, a low credit score would likely not disqualify you from the program.
How long does it take to apply?
After a lender receives a completed application from you, it must determine that you are eligible for a mortgage modification.
If the lender determines that you’re eligible, they will provide you with a $25 payment and set up a payment schedule with your lender.
You must also meet a set of guidelines for completing the application process, including: Your credit score