An unusually prolonged or complex illness, esp. one that causes severe organ dysfunction or threatens life. Catastrophic illnesses often make exceptional demands on patients, caregivers, families, and health care resources.
However, if your current mortgage lender has discounted your current mortgage loan balance, the mandatory waiting period after loan modification is 12 months from the effective date of the loan modification with a 12 months on time payment history which is reflected on your credit report.
If you received such a letter or expect to participate in a mortgage modification program, you may be curious about the trial period requirement. 1. Is a trial period required to get a mortgage modification? If your mortgage modification is part of the government's program, then yes, a trial period is required. Fannie Mae's guidelines specify a three-month trial period if your loan is already in default when the trial period starts, or a four-month trial period if your loan is current but default is imminent when the trial period starts.