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.
DEFINITION of 'Waiting Period'. 1. The period of time between filing a registration statement with the SEC and the registration statement being declared effective by the SEC. Also known as the quiet period and the cooling-off period. 2. The time between the filing of an insurance claim and the payments made on the claim.