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.
1 However, that wait time can be reduced if you provide a large enough down payment. 2  Down payments of 20% or more can reduce the wait time to just 2 years, compared to the 7-year wait for down payments of less than 10%. 3  VA Loan After Foreclosure. 4  The wait period for a VA Loan after foreclosure is just 2 years.